We are having ours this weekend. And it's open and free to all employees and one guest. They are really going all big time this year. They are giving away flat screen tv's, i-pads, blue ray players, $100 gift cards, cash, mini vacation plus other items. They bumped up the menu this year. And they moved it from a lunch party to an evening party.
The factory that DH use to work at, theirs was free - sort of. You had to sign up that you and a guest, if you were bringing one, would be attending. Then at the party you had to sign in. If you signed up to attend, but was a no show, they charged you back for the cost of the meals. I always thought it was a really smart idea. Kept those with the mind frame of "lets stick it to the company" at a minimum. They didn't do it just for the christmas party, but they also did it for the family fun days that they hosted. They had a couple of exceptions to the chargeback rule, the standard death in the family and illness with a dr's note, were about the only two that got you out of paying the cost.