Oh this post just broke my heart!
I personally think wedding photographs are one of the very most important things, and I'm not even saying that because I'm a photographer! These are the heirlooms that you will pass down to your children. These are the images they will look at and ask you about your day, and make believe they are you. Not to mention, YOU looking at your own images. I can simply open my photo book and I feel like I'm right back at my wedding. And it all happens so fast that I'm so very thankful that I spent the money for a good photographer.
And can your guests take as good of pictures as a photographer... HIGHLY unlikely. You might by chance have a photographer for a friend, in which case, that'd be very generous of them to take your photos. But otherwise, no. there is a HUGE difference, if you ask me.
As for paying $1200 for a resort photographer who is giving you 40 hard copy photos... well, it's better than nothing. I will say that. However, perhaps it'd be better to hire someone outside of your resort?