There is curve (anyone has the xkcd link for it?). The first beer results in improvement. The second one results in un-expected boldness ("yeah, let's tear this whole thing out and re-write!"), the third bear results in slow downs ("why doesn't this compile ... 10 minutes later, find the extra in the arguments list") and then it just goes downhill.
When I see the average software product and it's code in the wild I believe sober coding is not very effective either, so this might be a brilliant idea.
After all, this seems like people are getting wasted after writing their code.
With this, Flowdock improves your code quality for the next month or so...