A friend did this recently, they wanted to get married in the Maldives but you cannot, as they will not grant marriage licences.
They went to Mauritius instead, which was very nice but not quite as good apparently.
A few of us close friends and family went with them as our main holiday, they definately spent less money than the equivilent in this country and I thought it was pretty good.
I understand it wasn't a breeze to organise and they were hit with some unexpected costs at the hotel that were not clear, things they thought were included but weren't etc
So I say go for it. But be sure to know exactly what your getting for your money and what costs extra.