When I got married years ago, my wedding was family only, with friends being invited to the reception... it seemed like the best of both worlds!
I will say that a few people were hurt that they didn't get an invite to the wedding, but when we explained it was family only, it smoothed over a lot of the hurt feelings. While I had initially planned that it would be our parents and sibling (each of us had one close sibling), we later decided that grandparents and other close family could attend (I had a dying aunt who knew she wouldn't live to see her own grandchildren get married; she and I were VERY close, and she was like an extra grandparent to me, so of course, I invited her, and by inviting her, invited my grandmother's other sisters, too). He chose not to invite other family, but was okay that I chose to invite them-- after all, we had the whole church, so we may as well use it, and they were people who WANTED to see those vows exchanged. My other brother flew in from Germany as a surprise-- he greeted me at the church! So... it did end up being more than immediate family.
The reception was larger-- but again, he chose not to invite anyone but his parents and brother, who all left early. My family and friends wanted a celebration, and we had an intimate gathering with cupcakes and desserts, dancing, and all of the usual reception ceremonials.
After the few who were hurt got over their initial "ouch" of not being invited, they all realized that what we did was a great way to do it-- all of the fun, none of the boring stuff.
If I get married again, I'd like to do something similar-- perhaps a destination wedding with a reception when we return-- but of course, if he wants to invite more people, I'm open to it.
We had less than 50 people at our reception at any given time, but I think a total of like... 60 showed up? Mostly they were +1s of people I had invited (my roommate came, and of course, her boyfriend joined by default, for example).