I actually did do the whole wait until the wedding night thing. If you speak to people in my community, some of them will try to add a little bonus point to waiting until you are married by saying that, if you wait, the wedding night will be so special and unforgettable and so on, and otherwise it will be a routine bore with no meaning.
In some ways, I could sort of see the excitement part; my husband and I knew each other for a while and, until the wedding day, we had no idea what the other person looked like under our clothing (although he sometimes insists that a Saudi man can tell a lot about a woman's body/beauty even when she's veiled and covered

) , so of course it was kind of a weird thrill to have waited so long. But the novelty is a one-time-only deal, and then you're married, and you've committed to a lifetime of sex with this person. Ishina's way is the way to go.
Besides, if you have a boyfriend/lover/whatever, and after however long of being with the guy and sleeping with the guy you still want to marry him and spend your life with that one person, I think you have a better chance of having a satisfactory marriage than the sort of rush into it route that many Muslims are drawn into. I find that, in the situation where you're just suddenly engaged, you wind up doing a lot of work to try to trick yourself into loving that person and believing that he or she was definitely right for you, definitely best for you, no matter if he deserves it or not.