what i learned after the party of my nieces(i didnt have any kids back then yet)
---kids wont remember much about their 1st birthday anyway so how they will like it will only depend on what the see in photos and videos.
1. invest in a good p/v - accept it or not, assigning a friend or a relative doesn't really work. well at least for me

for one, they wouldnt have the experience/knowledge needed to cover the event.. and even if they do, they still expect themselves to be treated as guests. and since it's free labor, you cant man them around when you see them chit-chatting with other guests thus, missing important shots
if given only 1 choice between p/v or photobooth, i'd take p/v any the time. why? because i had a party for my baby so i'm much interested seeing photos of my baby than having candid pics of people who'll surely forget about the event anyway in due time
2. cake - everybody loves cakes. but frankly, for a 1st birthday, she wont remember it anyway. IMO, i'm ok with having a nice tasting cake with a VERY GOOD design than an oh-so-yummy cake with a so-so design. of course, if budget is not an issue, what's wrong with having both right

3. decor - as i already pointed out, at the end of the day, the photos and videos will be the ones that will matter. on that note, decors such as balloons and backdrops will really make a party stand-out (hey dont get me wrong, i'm not a PP!)
--- about the guests - you dont really need to invite "everyone" . some feels pressured/obliged to do so, but really, you dont have to. no one would really care anyway.. not in the long run that is
--- venue - just make sure the number of your guest is appropriate for the size of the venue. not too big that the event would look like a flap movie, but not to small either that guests are cramped liked sardines.
- rented venues are always better than having the party at home. saves the hassle of the after-party cleaning and the mess and stress from the "home-invaders"
--- dress-up!!! even if it's our baby's big day, we wouldn't want to be left out of the spotlight do we now

--- enjoy the moment - oh yes. adults often get tired of the usual parties..magicians, programs etc.. but just enjoy it. it WILL pass. untill you get to the point that even if you want to hold a party, it's your kid who will refuse because it's already "jahe/dyahe"
i thought i've learned a lot if not all there is to know about parties.. but oh i was so wrong.
here's the things i learned after my baby's party
--- INITIAL DIY's are not always cheap - i had a lot DIY'ed. had i just paid for the service, it would have costed the same.. even less.. however, i WILL become cheaper in time if you really intent on having lots of parties
--- YOU"RE NOT A SUPERWOMAN - since i had a lot DIY'ed, (choco fountain set-up, candy bar, balloon decors, backdrop with standees, and swags)
i almost didn't finish in time, and i forgot some minor things. -totally forgot about the extra tarpaulin

looking back, had i paid for it, i wouldn't be as rushed and as stressed.. anyway, i don't really regret it.. it's just that next time, maybe i'll just do a few and have paid services for the rest
--- stick to the budget - since i want a special party for my baby, i joined forums to get ideas from other mom.. after the party, i kinda had doubts if that was a good move or not.. my expenses ballooned because everything i was seeing were so cute i just have to have it you know what i mean?

so my advise, IF you want to stick to your budget, stay away from forums!

--- let go - once the party starts, just let go. no use getting stressed over anything else really.