Companies I've worked with had "company-wide" events rarely; the best one was a picnic at the Milwaukee County Zoo at my first job. Company picnics with assorted activities are often wins; people can hang out and eat, or take part in numerous activities, or not as they preferred.

They also offered on a pay per use basis: bus trips to NYC or Boston, to a ball game, play, etc; the Bronx Zoo, Foxwoods, etc, that again people could partake or not.

Best work outing story I've heard: one job had a bus trip to NYC to see the Lion King...on Sept. 15, 2001, with a dinner at a churrascaria (sp? Brazilian grill.) They decided to carry on with the trip, and both the theater and the restaurant were very grateful that the trip went forward.