1st birthday parties

Recently, I'm starting to realize that 1st birthday parties are more controversial then I thought.  Some see them as a "must have", while some see them as "complete waste of money".  Also there's the whole intended audience for these parties.  Obviously your baby won't remember much of it (or maybe even none), so should it be a kids party, or and adults party?  What are your thoughts on first birthday parties?  I'm curious, because my son will be a year in a few months, and trying to figure out what's best for us.  Would love all the different perspectives you can throw at me (from love or hate, waste of money or must have, to appropriate audience or how you feel about receiving an invite).  Thanks all!