I'm 17. If I have a ride home, I can be in aroud 1:00, without too much of a hassle.
If I have the car for the night, 12:30, unless I'm driving friends home, I can be later, as long as everyone get's home (It's cold up here)
If I walk, 12:00.
I think it's fair to let the teen be responsible for themsleves, and show that they can be reasonable. If you imply strict rules right off the bat, good luck, they'll stay out later, come home drunk, and yea. (Just out fo spite) as soon as I was told "Okay, so what you will, just be reasonable about it" I came home at reasonable times, let my parents know where I was going, instead of just walking out at random, and yea.
strict rules don't work, they just make us teens more spiteful. Relax a little, and we will too. Be reasonable, and we'll be reasonable. That's how it works for me.
EDiT: If I'm out to watch a movie or something, and it only starts at 10:45, as long as my parents know where I am, I can be home 1, or 2 am, no problem.....just I can't do that too often.
and for parties? if they know there is drinking, they just want me home whenever I can find my way back home

They ain't pickin' me up, I'll get home at 4 sometimes. Make sure your kid has a housekey.