I think it depends. It's an excellent excuse to see friends and to have a night out - however the stress of a lot of engagments can cause stress and it can be an expensive night as most venues/bars/clubs can charge shocking amounts just for entry.
The moment itself has always had a lot of mystery for me. I've always been wishing for a kiss at midnight which my partner has promised me this year.
It's completely subjective thought! I don't believe so, though :)