I don't know about the rest of you, but jewelry commercials annoyed the crap out of me. As a female, I would much rather than the guy in my life not blow thousands of dollars on some useless sparkly rock that I'd be too nervous to wear in public in case it got lost or stolen (That's not to say I don't like wearing some nice jewelry - Claire's is one of my favorite stores and they do have some classy stuff). Honestly, I'd rather he spend the money on something useful - like a Wii.
One of the teachers I work with at school was working on something for his wife that I think is much more impressive than taking out a second mortgage. He's making her a ring out of a quarter! That's ten times cooler than buying her something that a bunch of other women will have the exact same thing from their boyfriends or husbands. And she'll probably treasure it more.
Sure it takes a little planning, but I think if you really care about somebody (doesn't have to be romantic - could be a friend or a family member) it's nice to make them things instead of buying them. It means that you thought enough of the person to make something unique for them - possibly you thought of the person all the time you worked on it (which, if the time estimate of how long it takes to make this ring is correct - that's about three months!) And you didn't have to sell your soul to get it.
(Now that I think about it, my aversion to a guy spending boatloads of money on me may explain my current relationship status - er... the lack thereof. If it does... how warped is that?)