I used to host events on a very regular basis (like, at least once every two weeks), and I found that it was actually a lot better to be stone cold sober. I was on the job, but still had to have a drink, so I'd order a gin and tonic early, and just keep replenishing it with tonic and lime the entire night. Keeps you both sober and hydrated. And after that, I found that it was best to have a drink or two with dinner, but no more. I think that there is a happy medium.\
That said, alcohol does fuel good stories. If I'd be stone cold sober instead of having a belly full of cheap but strong margaritas, I am pretty sure I wouldn't have been found stumbling home with my roommate, with a 4-man bong and a crate full of Asian porn from a dead friend, at 4 in the morning, either.
dude you have no idea the joys of being the designated sober narrator.
I am the one who- the morning after- would always go "dude you won't beleive what you did last night"
and nothing beats getting such reactions like "wait.. I do not remember pissing on the DJ's head from the 2nd floor." (True story)