It’s an effect most of us have encountered at one time or another. The hour is late, someone new is looking mighty attractive to you, and then when you sober up you wonder “what the hell was I thinking?”
We call them “ten to two” girls (or guys). You know, they start looking really good at about ten minutes to 2 AM.
Can this phenomenon be expressed in a mathematical formula? Apparently so.
Researchers at Manchester University say while beauty is in the eye of the beer-holder, the amount of alcohol consumed is not the only factor.
Additional factors include the level of light in the pub or club, the drinker’s own eyesight and the room’s smokiness.
The distance between two people is also a factor.

BBC News: ‘Beer goggles’ effect explained
(via Mental Floss)
Speaking of beer goggles, this music video illustrates the phenomenon rather well. NSFW.
http://www.youtube.com/watch?v=n4BA6F5SfTM