" I almost always went because it does help you get to know your boss and co-workers (it was only about once-a-month). I don't really see a problem with it."
I made it a point never to go for one after my first experience. In Bangalore these take weird forms, usually wasting a holiday or a weekend, landing up in some god forsaken "resort", where you can do exciting things like play badminton or carroms, Quoits or Dumb Charades (I kid you not!), or quietly get drunk in a corner, with some of the really bad companies throwing in a few "mission and vision" style speeches from the powers that be.
Once I got a letter from a VP telling me to report to his office and explain why I didn't attend the "office party weekend + mission and vision session" over the previous weekend and I explained (quite diplomatically) that I didn't give a fuck about these things and had no intention of ever attending anything like this in the future either. He seemed completely shocked and speechless and was almost in tears when I left.
My immediate superior later gave me a veiled warning that my " career progress could be affected" by such "unorthodox attitudes" but, strangely enough, it wasn't. I got regular promotions and raises and was "on the leadership track" when I left because work was too boring. They didn't believe my reason for leaving either ("I am bored out of my skull"), because I was a "senior person" (I was 28!!) and was "poised on the leadership ladder" (yes they actually spoke like that!).
These were large companies though. Small (less than 20 people) company parties were often a lot of fun. I am so glad I don't have to work for large companies anymore.