I agree with many of the other people. You should keep it simple. We just had close friends (like family) and family. You'll have plenty of time in future years to have big theme parties and spend lots of money. I just try to keep my focus on what the baby/child will enjoy.
For my daughter's 2nd birthday, I asked her what she wanted to do. We did all of her favorite things at the time and had a fun day. We didn't have a party that year. For her 3rd birthday, we had a party with some friends. Her favorite thing to do is blow bubbles. So, we played music and blew bubbles. Simple and fun.
Enjoy the special day and take lots of pictures and video. :)