In a time of massive budget deficits and a 4 year ongoing recession, it seems a bit tasteless for Obama to hold a $100 million inauguration party, which fundamentally is just a big gloating party to celebrate the fact that Obama won and Romney lost. In essence it is a big symbolic middle finger to the 48% who did not vote for Obama.
I can see an important inauguration ceremony the first time a candidate wins, because we are beginning with a new president. But the second time around we know that it is going to be more of the same, so the whole thing is just pro forma. I would prefer inaugurations for second terms to be quiet and quick affairs filled with seriousness and a minimum of fluff.