I don't get too serious too often, but I still believe work functions should still have some boundaries, I mean, you have to see these folks again the day after or a few days after most of the time.
I care what my management and coworkers think of me, so going wild at a business functions is totally out of the question for me. I might have longer, general conversations with folks I don't normally get to talk to as a regular person, but drinking to much is totally out of the question.
Sometimes I think folks who have a desire to take advantage of the free drinks and see getting really drunk as having a good party, know that it doesn't look as good if you they are the only ones doing it, so trying to get others to do the same is a must !
People may not ever mention it to your face at work if you show your @$$ at a company function, but they don't forget it and they will quietly judge what kind of person they think you are. It's human nature.