I travel domestically for work, unfortunately it can't be done any other way, I'm auditing financed equipment. However I see work colleagues once or twice a year, I'm on the road seven out of eight weeks and don't have an office. We normally go to Aussie once a year for a wider team catch up, it is completely unnecessary, but I really enjoy it. They usually fly some of the big wigs out from the US to talk to us, there is a big dinner and plenty of drinks. But it isn't a complete booze up, but you could argue it's not required.
It is the only time I see the team face to face so I'd really miss it if it got canned. Last year was the first time work said no to travel for the Christmas party. There are six of us scattered over NZ, so we'd organise to meet somewhere for the Christmas party for the last couple of years and work would fly us and put us up for it. Yes it's expensive, but again, there is minimal face to face contact. Perhaps that will become the trend, co-workers will just become a voice.