It is a great way for meeting people and having a great time. I've used it many times. Last week I was in the pacific for work and by night's end was invited to a BBQ for the next day. It turned out to be a great BBQ and a unique insight into the lifestyle of the island.
When I visited Paris I made friends with the local bartender and was receiving free drinks by nights end and invites left, right and centre to join people on little adventures.