I never went to one of those parties, and I'm not sure I would want to. It doesn't sound safe. Being around a lot of drunk puking guys who like as not, want to get handsy, while I'm expected to also get drunk? Sounds like a recipe for date rape.
I think while wild parties sounds like fun for the right people who are into that, I think there are plenty of people who increasingly get their kicks elsewhere. I had a party recently with some of my philosophy group friends, and we were in a house where someone was high and having a bad trip, and we just went outside and sat on the grass and talked about how the future creates the past and the shapes that other dimensions make in our own. It was awesome.
But that's just what I enjoy. :)
I do enjoy raves, but more for the ecstatic dance part.