When my husband and I were planning our wedding a few years ago, we briefly looked into setting out place card holders that doubled as favors. We eventually scrapped the idea and let our guests choose from a table of favors (the night was such a blur that I can't remember if there were two or three choices) and sit wherever they wanted.
It worked out fine as far as I know, but the next time we plan some sort of big event, place card holders will be a requirement. That way, I'll have an excuse to buy a case of these faux mini cupcake card holders handmade by Jenni B Originals, the same woman responsible for those beautiful very cherry faux cupcakes.
Each place card holder is sprinkled with rhinestones and sells for $5.