(Feeling a bit like Cinderella--not only coming home after midnight, but also having lost an earring--in lieu of a slipper--during the festivities.) Now, to my way of thinking, holiday parties are only a good idea if your peeps already like to be together at least 40 hours a week. If, on the other hand the inducement for attendance is the carrot of free food/alcohol and the stick of political penalties for no-shows, I can't think of many more counter-productive business expenses.
FWIW, tonight's holiday party was probably the best so far: I haven't laughed so much in a long time, and the food was excellent. (My feet are protesting stridently, but, hey, dress shoes don't break themselves in.) Plus, the lost earring should be easily replaced...and my husband is, of course, always a prince. :~)