Most people in the UFO community have treated this incident as a hoax. Two good ole boys who maybe drank too much. That said, in recent years, some people have looked into the events of that night and a tape recording (attached to article) has surfaced that was surreptitiously made by the local sheriff when the two men reported the incident to law enforcement. Seems they believe something happened to them. What that was, is unclear.
But if you are into UFO lore (beyond just lights in the sky), this is probably in the top five of well-known US abduction cases.