I use Policy Manager and have it set to turn off my 16-year-old's access after 11:30pm on school nights. I also set up a rule in PM which I can turn on or off at any time (usually off), which shuts off his Internet access completely if we have a specific issue with listening.
As for how they react, it will of course vary from kid to kid and household to household, but for my experience after the initial "Awww, you can trust me"'s and "Can I just have 10 minutes more...."'s, he fell into the practice pretty well, and by the end of this school year he was making sure all his online activities were wrapped up before 11:30 hit.
Once school got out, I disabled those rules until school starts back up. He's still wrapping things up at a reasonable hour, so the habit has been started. Now that he's turning 17 in the fall, we'll see how it continues.