I am not old, but I am old school. I like the wedding stuffs printed on real paper send in the real mail. I am also not a big fan of the wedding sites, but really I have only seen one. My sil has one for her wedding. Through the site we have learned TMI details on their first date, proposal, and plans for a family. We have seen her dress, the bridesmaid dresses, what the men are wearing, the cake, everything. So what is left? Oh yeah, the 20 min long ceremony and of course, me giving her the gift. I think her site tells too much. I do think a website that has the location, area hotels, directions, a contact address and info for where to send gifts and where they are registered is a very good idea.
Maybe I am just too old school. If you want to do the website then do it. Just make sure that you get those who don't do technology a real note in the mail. A good person to ask would be your future mil - see what she thinks about it.
I DO however like the save the date stuff. My mother is more old school than I am and she doesn't like those b/c of etiquette but I actually do b/c people are busy and if you have to travel theya re essential anymore if you have to fly to get a good rate (best rates are made 6 mo in adv.)
Let us know what you decide. Sorry if this isn't what you wanted to hear.