Cool Moms?

I just read a disturbing article about a woman who was throwing parties with drugs and alcohol for her teenage son and his friends. Oh yeah, she was also having sex with her son's friends. She said that she wanted to be a 'cool mom.' This is an extreme case of 'cool mom' syndrome, but even in smaller doses I have to wonder -- should mom's be cool?
I think most people wanted cooler parents when they were growing up. I know I did. Looking back on my teenage years, I realize that my parents had their moments of cool. I used to envy those girls who would could go shopping or for lunch with their mom and not end up fighting or running out of things to talk about. They were like modern TV moms. I don't think I had a productive conversation with my mother until I was 20.
I don't think parents should be too cool, it's like having a boss that's too nice, it's hard to draw a line. My parents would sometimes try to make me come home on at 10:30 at night, on a Saturday, in the summer, when I was 16/17 and that sucked. But at the same time, they didn't get mad at me for throwing parties at their house when they went out of town, maybe because I didn't have that many friends, but still it was a party with kids drinking underage and that was cool enough for me. I wouldn't have wanted to have the parents who threw the party with booze for me, it'd be strange. Several of my friends' parents were OK with us having parties while they were away as long as the cops didn't show up, nothing got broken, and there were no signs of the party. (Most of the parents ended up OK with the parties after they realized we'd been having them for a quite a while without them noticing)
If parents are too cool, kids will forget that they're their parents and do whatever they want. And we all know that if kids have too much space they don't always end up as great kids, they end up on 'Brat Camp.'
Oh, and 40-year-old women should not have sex with teenage boys no matter what happened in 'American Pie.'