How big is to big to celebrate a1st birthday!

My little mans birthday is starting to creep up on us.  He will be turning 1 years old....tear!  Where has the time gone? 
My parents always made us feel so special on our birthdays and I want to carry that tradition on and create some new traditions.  My hardest decision right now is deciding on how I want to celebrate? Do we keep it small with just family (grandparents, our siblings and great grandparents)  or do we go all out and invite a lot more (our extended families and close friends).  Do we have a theme party?  Because honestly how can I plan for a theme party when he doesn't watch tv shows or know who certain characters are.  Or do I have a color theme with blues, greens, yellows, and reds. 
I know its not that hard of a decision but I want his first birthday to be great and memorable.  I see insane birthday party for baby's 1st birthday. Which I think are a little to excessive by the way. I still remember some of my birthdays from when I was younger. My mom turned our entire front porch into a princess castle, is my most memorable birthday, I think I was turning 6 or 7.  I know he is not going to remember his birthday but the pictures do and I want it to be epic!

So my question is what did you do for your kids 1st birthday?  Any traditions that you do every year for each birthday?