We've had the same problem, we can't afford to spend a lot on photography/videography (approx $1500 or less budget), but I still want them done. I think we have found a comprimize though.
Photography- we are going to hire a professional photographer to do only the formal shoot of the wedding party and ourselves. Some photographers offer short wedding packages (2-3 hours, one location) for under $500, if you ask them. I have a couple family members with professional grade cameras, that do photography as a hobby, so we are going to have them snap pictures durring the ceremony. I'm sure everyone will bring there digitals, and we are going to put disposables on the tables, so that should cover the reception.
Videography- we are going to hire a videographer to cover the ceremony and part of the reception. From there we can give the videographer the professional pictures and any shots from the ceremony and reception that we like, and they will edit them into the wedding DVD. Try
www.trandee.com. Their 'basic' package includes upto 20 hours of editing, for $900.
Let me know if anyone has anymore 'creative' photo/video ideas