Part of this is because it's very hard to enjoy the company of people who are much drunker than you. And they won't enjoy you if you are much drunker than them, so you have to all be on the same level.
This has to be a personal preference, right? I very much enjoy people at all levels of drunk, stoned, high, whatever.
Depends not just on personal preference, but on the drunk friend. My old boss, who has a very pleasant personality when wasted, and opened up about all sorts of insights into how work was going? Great. Brother-in-law who starts being a dick to his wife and kids? Not so much.
This has to be a personal preference, right? I very much enjoy people at all levels of drunk, stoned, high, whatever.