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YES! I'm always looking to save money wherever I can. So far, I've had some amazing luck! My future husband is a graphic designer and we've been able to barter his services for some centerpiece items, and even some larger things like our chair covers. (That saves us $1200!! whoo hoo)
Etiquette wise, I don't think there is anything wrong with offering your services for something in return. Chances are, someone else is out there looking for your services when they have something to offer you in return!
I found that Craigslist is awesome for this. Every day, I search "wedding" in my local areas. I've found so much that way, and saved a ton of money so far. You can also submit your own advertisement, offering your services for anything you may need.. or even just asking for the items you need and include how much you will pay. Craigslist makes for easy, local transactions. Planning your wedding should be fun, and finding any way to save money with ALWAYS be fun. :)
Bartering is definitely a good idea! I found a great site to barter online: http://barterquest.com. It's an amazing site where you can swap almost everything and it's totally free 
I thought you might like it.
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one of my brides and i split the cost for her centerpieces (ostrich feathers with eiffel tower vases) I am doing the DOC services for free since I get to keep the feathers.
We traded design and installation of a new sign for all of our flowers...My fiance is a graphic designer and works in a sign shop.
My friend who does web design is going this ! She is having a small wedding, but she is paying for nearly half of it in trade . I'm jealous!
My photographer asked me to officiate her wedding, and, as payment, she gave me credit for my photography next year!
I haven't had any luck with bartering. But I'm totally opposed to friendors. I've seen many bride friends receive sub par wedding "services" (flowers, photography, etc) and lose a friend as a result. Use a contract, and no matter how good a florist your aunt says she is, pay someone else and keep drama out of the family.
I was actually just thinking about this the other day! My fiance is a video editor, and I thought maybe we should be bartering his services for something. Not sure what though...
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I design and make jewelry, and I think that when the time comes for me to be planning my wedding, I might try to barter those skills for some stuff for the wedding.
For example in the past I bartered some one-of-a-kind jewelry for a bunch of gift certificates to a facialist, and those would make good bridal party gifts.
Has anyone considered bartering as a way to cut costs for their wedding?