Some of the utility of the perk may be lost on those who own and frequently use the "My First Laboratory" available for purchase in My Megaton house or the Tenpenny Tower suite. The Lab removes all addictions on the character upon use unless it is brewing a chemical, its second feature.
With the doubling effect from rank 2, several alcoholic drinks become competitive with chems in their effect, except alcohol is ostensibly cheaper to come by and addiction immunity comes built-in to this perk.
Vodka and bourbon become potent health boosters - the former provides 50 hit points directly, while the latter increases Endurance by 1, which will provide 50 hit points at level 91 and be better thereafter; this is potentially very useful on survival, where the instant effect of bonus health or bonus endurance is preferable to the slow regeneration of healing.
Beer and various Gwinnett drinks can be more effectively used for bartering benefits and speech checks, and the strength (and therefore melee damage) boost of all alcoholic drinks (especially whiskey) becomes more significant.
The rank 3 effect does not show up as part of the item's PIP-Boy description, but it can be verified by either looking at your SPECIAL stats after consuming some alcohol or looking at your active effects.
The second rank doubles the negative effects of alcohol along with its positive ones.
This is -2 Intelligence on most alcohol and -4 on Dirty Wastelander. In effect, this is excellent to take immediately before completing quests to increase the odds of triggering the Idiot Savant perk.
Every variant of alcohol provides a +3 luck bonus that is different for every other variant of alcohol; this means that one can obtain a very high luck bonus by consuming different varieties of alcohol at once.