I've just recently started cutting down on alcohol, and can say its an improvement, so I plan on sticking at it
For instance, I was out for about 6 hours last night, normally for such a long night out I would get very very drunk, but last night I only had about 4-5 pints spaced out over the night. The two biggest improvements I would say are the clarity of thought, and the increased weight in my wallet. You still enjoy the night as much as you normally do, most of the enjoyment comes from everyone working themselves up into a frenzy/state of silliness rather than the alcohol itself.
Edit: Oh and mornings are a LOT easier.