We have a New Year's Eve party every year so yes, we stayed up. I think this might be the last year though. The main reason we've always had one was because I was scared to death of one of my wife's super-annoying friends having one and being forced to go, so I thought that it would be best if I could have it on my own terms so if it got really bad, I could retreat to my man cave. I'm going to think of a different strategy next year, though I risk being forced to go to my wife's most annoying friend's house if I don't come up with an alternative.
The issue has been that it is a lot of work and lots of expense and people generally don't appreciate it (though we had a great small group this year, including a guy that I later found out is a professor at MIT). Last year, we had someone bring us two bottles of wine (one OK wine and one $3 bottle). At the end of the evening, she took the OK wine and left us with the $3 wine which was, IMO, pretty rude.