Man, my parents were cool as shit about this. And I think it had really good consequences for me later on, like in college.
Sex was positively viewed, but strict about protection (rightly so), and drugs were described as a spectrum with weed being very low, and the scary drugs (heroine) being very scary. They were honest about wanting me to wait for drugs and booze till I was more adult, but let me have a few parties with friends where everyone crashed at their house. It was super fun, and very badass feeling. I got to college and was like .... Meh? On partying.
Definitely not the only way to go about it, but the honesty helped me weigh consequences of it all a bit better, I think.