I went to a really good one year old party that was held in a country club setting in Boca...don't remember exactly where, but the entertainment was great...the room was full of age-appropriate toys for the babies to play with, and then a visit from Old McDonalds Farm petting zoo which will go anywhere...they came to our home for my son's second BD. It was a blast and the animals are really gentle.
My own kids didn't have much for their first...they were too young to really know what was going on. At that age, it's more for the parents and relatives. As they get older, you can do some really fun stuff like character parties, bounce houses and other backyard equpiment (we've had inflatable obstacle courses and water slides) The Fun Bus is good for preschoolers, of course chuck e cheese, gymnastics parties (also good for the very young...even the one year olds can do that; it's alot of movement and mommie and me type activity)....we have done just about everything! (I've got 2 teens now) I recall Cats gymnastics in Boca as particularly geared to that age.
What i'm saying is, there are many fun years ahead of you!! So there's really no pressure to go all out for this one.(unless you have another reason...more about that later...) I remember getting really down after my firstborn's first birthday because my expectations were too high. (As they also were for family holidays). She was cranky and didn't understand why all the people were there creating a break in the routine! Basically you want some cute pictures and for the adults involved to socialize, with their little ones, and have fun! But a one year old can only take so much stimulation. I've also heard the recommendation of one hour per age of child, something like that....keep it short.
If you have money to spare, I know people who have hired a party planner...I guess it depends on the size of the event you are planning; I might do that if I had a lot of family coming in from out of town and they expected something big, or a lot of business associates, or something along those lines. Otherwise I would save for the next few years, when they get to preschool and you have to invite the whole class!!