Not really. All my birthdays are just: going out with my 2 bffs in the city, browsing shops, eating pizza and stuff and then going to my place to watch a movie. xD Simple as hell but fun. I never had a sweet 16 (I'm 13) so no idea for your party, but my answer would be keep it simple and invite only your beeeeest friends.
Do what toi want but if toi want a "HUUUGEE" party, dayyum I wonder how much that's gonna cost. Parties are not really necessary :) Just saying. I usually go shopping and hang out with my ladies, maybe go make some prank calls on the teachers ou something xD