Yes, the euphoria (if that's what it can be described as - When I was first prescribed Xanax at .5mg 2x per day for GAD, all it made me feel was sleepy) goes away within days (a week or two for some) - It's really not anything I'd describe as a "recreational drug", although the youngsters downtown will shell out $10 for a bar, and apparently they aren't hard to find - My 25 year-old daughter is offered them every time she goes to a concert or a ball game, and there are a couple of girls in her circle of friends who seem to enjoy them immensely - Probably because they can't afford them often, and no one wants "footballs", so they are just buying bars when they have the extra cash to do so, none of them use it daily (or even weekly), so whatever "euphoria" they get from them is probably recurring.
Over the past 11 years my prescribed dosage has gone from .5mg 2x daily to 1.5mg 2x daily as my tolerance slowly builds - Xanax is a necessity, not a luxury for me, without it I have panic attacks so severe that I just can't function - That was why I went to the Doc in the first place. Of course, after 11 years, I am thoroughly and completely addicted, my Doc told me quite frankly that this is a medication I'll be on for life - Although the dosage will no doubt be lowered in a year or two, as older folks don't need as much of it as younger folks do. It has absolutely no effect on me whatsoever, other than staving off the panic attacks...I've been on it for so long that it's just another pill I take with my other meds. That said, It is enormously useful for the purpose it is prescribed for - I haven't had a panic attack in many a year, and when I did, during my first year or so of using it, I'd just take a pill with a full glass of water, and presto - In 10 minutes, no more panic attack.
Now the Temazepam I'm prescribed for sleep is an entirely different story...