They can be hot and fun when done with the right crowd and atmosphere. The majority of the ones I've enjoyed the most was when they were regulated in some way - guests had to actively participate (no voyeurism), guests had to circulate (no claims on just one partner), boundaries had to be respected, threesomes or more were encouraged. One or two were less organized and weren't as much fun with some guys just standing around, watching and occasionally whacking off the action but not participating one on one.