I disagree with the hangover thing, if anything it will just make them worse in short order. As will any fizzy drink.
It does help with hangover's, as it is mostly sugar and water, both of which are good for helping with the after effects of too much alcohol. My mate who was studying at Edinburgh UNI practically swore by the stuff for getting over the night before.
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We didn't have any theories on why they were all so keen on wearing skirts, though!