I have a number of friends that would be willing to throw down fisticuffs over this rule. They boast of closing down bars as if it were a heroic accomplishment (in all fairness, I used to do the same thing). But what does it really mean to drink until last call? Usually that you've annoyed the bartender until they no longer have any desire to keep serving you.
Like anywhere else, it's better to leave and be missed than to stay and be a nuisance. Call it lame if you'd like, but I'll remember that when I'm ready to tailgate an early football game and you're too hungover to get out of bed.