In reply to 96DXCivic:
Generally, there needs to be two real things present to consider yourself engaged:
- A formal "Will you marry me?" sort of DTR.
- Definite plans towards actually fulfilling it.
The ring itself is a symbol of that intent to marry. In some sense, it becomes the physical embodiment of that desire to unite one's self to the other in the bonds of matrimony. It should be something valuable whatever it actually costs. It should have something of rarity or value to it, because it is this physical manifestation of your intent to marry. Women really intuitively get that, which is why the ring means so much to them. It does.
I would think any guy who is really serious about making a lifelong commitment to his bride is going to take engagement seriously with deliberate purpose.
I also think that the primary purpose of dating is to figure out who your future spouse is, but that's a whole other conversation.