It seemed to work for them when they were small (<= 50 employees and before I was there), but once they got to a certain size it just became annoying.
They used to have these monthly "before work hours" meetings that turned into bi-monthly meetings that were especially annoying. They would trot out some executive to say this and that and also had this weird group of employees that would dress up in costumes and put on these weird little skits.
But the final straw for me was when we were acquired by another company and they started trotting out the new executive team. One lady was showing pictures of her family riding 4-wheelers. That was it.
"I'm sure you're a nice lady, but I don't care. We have our own families".
I told my boss that I wouldn't be attending these anymore and I would give my resignation if he wanted. He grinned and said he understands..it was annoying to him too.
I think I left a couple months after that. The whole sappy-happy family wasn't the main reason, but it sure was annoying.