I remember great office Christmas parties in the late 80s, to mid-90s in Montreal. Great fun, major productions (from dressing up, to dinner, to the entertainment). Always very elegant, with spouses, lots of fun, and taxi chits for those who had imbibed too much to drive, along with Opération Nez Rouge at the ready. ONR was a donation-only Montreal-based driving service whereby two people came to get you; one to drive you home, while the other person drove your car home for you. Everyone either had a DD, used the taxi chits, or waited for ONR. The only thing you had to worry about at the party was feeling crappy the next day. If you acted like a moron, or danced the Macarena on a table with a rose in your teeth, you laughed it off with everyone else on the following Monday.
The company I work for now only has a family Christmas party during the day, on a Sunday in December, with screaming kids everywhere (if you like that sort of thing -- I don't). And, to add insult to injury, it's called a "holiday gathering" rather than a Christmas party. And yet they still have Santa Claus giving out gifts. (Don't get me started.) I don't attend.