I don't mind sleepovers. But we only do them during holidays, midterm, etc.
My rule is bed by 4am, and then keep it down. My DDs are 11 and 13. I usually stay awake to hunt them to bed, but I generally stay out of the way except to feed them.
And since they all bring iPods, iPads, smart phones with them, there is also unrestricted access to Internet.
They will usually eat too many treats and drink too much fruit shoots. They do tend to pig out once I'm out of sight.
I tend to do large sleepovers, both DDs having friends over at same time, having 7-8 guests is not uncommon.
But my DDs have a blast, and all the visitors are well behaved.
Top tip is to put a rule in place that there is to be no complaining or bad behaviour because of being tired after sleepover. And future sleepovers are dependent on this rule being followed.