I would say NO also. We just recently told my 16 yo dd that sleepovers (at other peoples homes) have come to an end for her. She really didn't care at all. Our main reason is that there are far too many parents who have completely lax rules for their 16 yo kids. One parent went out with her boyfriend until 2 am while my dd was there...never told me (this was when she was 14). Another parent has a 1 am curfew (my dds curfew is 11, later under special circumstances). Many of the parents don't even ask where the kids will go when they go out or who they are going with (I found this out when trying to get a hold of my dd one night when she was spending the night at a friends house). We just basically got sick and tired of having to worry about what other parents may think it OK that we don't. I really don't want my dd to think it's a free-for-all because other parents haven't a clue what they are doing or where they are going.
My Dh and I pretty much decided that we don't want to leave the rules up to someone else, really have no interest in trying to force our parenting methods down someone elses throat and sleepovers aren't really a necessary thing at this age. Other parents are welcome to allow their kids to go where ever they please, when they please. We choose to keep a closer eye on our dd. You may call me strict or rigid. Whatever... my kids, my business.
In our opinion, sleepovers are great for kids who are too young to actually go out and have fun together (without parents tagging along). But at 16 these kids are driving. They have enough freedom, they can go to the movies without parents, go bowling, to the mall, out to eat..etc. Their lifestyle/social life isn't cramped without sleepovers.
btw, I know kids can have sex during the day and all that..it's really not about sex, drinking, drugs etc...they can do those things anywhere, anytime....it's about accountability. I want to be able to sleep soundly, knowing she is home, knowing that she made it home. She has a steady boyfriend, she has friends, she is free to go out and have fun. But at the end of the day...she needs to be home, safe and sound.
I respect others may totally disagree and do things differently with their children. I always tell my kids...we we make the rules by combining our experiences and the tools we have accumulated along the way. If we end up making mistakes, we expect they will do things differently with their children. We have one shot as parents, we do our best with the knowledge we have.
JMHO.