Dol's among our Korean-American friends are quite fancy. It's just as fancy as a wedding reception! And yes, probably spend just as much! They usually have them at restaurants, hotels, reception halls, etc. These pictures are from Cara's dol.
As you can see there lots of decorations. The balloons are quite popular at dols. In Koreatown, there are several balloon stores that do this....and it's not cheap!
Guests also get party favors. For adults, they will all get Dduk (ricecake) to take home and kids will usually get some little gift.
They will also hire some sort of entertainer for the kids like a magician, puppeteer, clown, etc.
Not everyone goes all out like this. Some keep it simple like a bar-b-q at the park or in their backyard.
Here she is in her hanbok! A little Korean Princess! By the way, those things in front of her is the dduk (ricecakes).