Sleep overs

The oldest had a friend sleepover Saturday. All was fine, but I am starting to wonder if there are rules or unspoken norms that parents are supposed to know about when having other kids spend the night. I mean when and if it is appropriate to yell at your kid in front of his friend? And how exactly do you "kindly" remind your little angel that he is not Billy Bad-Ass and that you are tired of his "I always act like this to my stupid parents" antics. I am quite certain that all of these are reasons that I never had a friend spend the night while I was a kid, but I am sure that I am not the only one with these questions. I mean do you just put discipline on hold and then let him have it once the guest leaves, or do you just make empty threats or punish your kid and the one spending the night by taking stuff away (like my favorite:  video games)?

For some reason it just feels wrong to take away something from the kid who is spending the night just because mine can't or won't behave. I also think that it would be beneficial discipline wise to embarrass him from time to time by taking away their fun because he was being a butt.

I am torn because I see good and bad in both instances, and I am just not sure which way is the best.

Any ideas???