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I think that incorporating an area where guests can sit comfortably, with great drinks and appetizers and cool mood lighting is perfect. There are so many cool things you can do, especially with all the great modern furniture out there. This furniture basically functions as props and you can rent them from event prop companies and sometimes your local party rental.
If you want a sleek, sophisticated look go for clean lines and bright white. A bonus to this is you can use lighting to create whatever hue you wish! So, let's say there is a color that you love, but it didn't make it into your color palette for the wedding schematic. You could totally use it during the cocktail reception!
http://www.afrevents.com/index.php
http://aarcee.classiceventsandtents.com/index.html