Parshat Mishpatim - Sacrifices at Sinai

At the end of Parashat Mishpatim is the  story of the ascent of Moshe and the elders, who experience some sort of revelation accompanied by eating and drinking. What is the connection between the story of the ecstatic experience of the sacrifices and vision and the frame of the story - the covenant?
There are two aspects of the experience: the covenant is completed by the revelation of the Divine Presence as part of the festival experience.