It's not the day of the year that matters as much as the person, place, or activity planned for the date. If someone has tickets for a concert, play, or sporting event that happens to fall on February 14th I wouldn't rule it out. Overanalyzing hinders having a good time.
It might be over the top if someone has plans to dine in a 5 star restaurant or make a "weekend getaway" out of it.
Ultimately however chemistry dictates how comfortable we are with people. During the "infatuation phase" of most new relationships two people are just happy to be together. Neither of them should feel obligated to impress the other with expensive lavish displays. In fact they can talk about keeping things "low key" prior to their date.
There is no "risk". Either you enjoy their company or not. Dating is supposed to be a FUN sociable activity. Relax!
It's not as if someone is asking you to decide on whether to cut the red wire or the blue wire! :)