However you spin it, allowing your children to be out playing in the neighborhood at 1:00 am is bad parenting.Have you asked them politely to keep it down a bit? Have you made any friendly attempt to communicate your concerns?
Are you basing any parental judgement on real issues or just the fact the kids are staying up late? Kids just staying up late playing is not what I consider in the realm of bad parenting at all.
Did you have older people around when you were a kid that just complained all the time about everything? You might be becoming them.