Depends on how much you drink, what you drink, and what your goals are.
Having 2-3 drinks throughout the night, just chatting at a bar, isn't as bad as pounding a 12 pack with some buddies at a football game.
Eitherway, binge drinking isn't good for you. But to be honest, it's all your genetics. If you're just going for looks, I know some friends who can drink all weekend, yet they still have a six pack and big arms.
Then again, even the good looking drunks have internal health problems going on.
EDIT: Actually, the worst side effect of drinking isn't from the alcohol... it's from the beer munchies and those delicious wings at the bar!