When I worked for a defense contractor (with many older employees), I really enjoyed the occasional social outing. People at different stages in their life often have different perspectives, and have access to that perspective is a gift.

But I don't understood the trend of working with people for 10 hours, and then hitting the bar/bowling alley/movie theater/beer fridge to hang out more. As an occasional event, it's great. But as a regular event, it feels like the company is just insinuating itself further into your non-work life, breaking down the boundary until you have no non-work life. No thanks.