PINKY PROMISE???

It's not just the act at that age, it's the fact that he was taken advantage of and manipulated by an older person in power. I'm not saying he definitely will sustain any bad effects from the experience, but there is potential for it. For instance issues with authority figures (like today's youth don't have enough issues with that as it is) or problems with personal/intimate relationships. A 14 year old boy with a 14 year old girl is 1 thing, but a 14 year old boy with his 29 year old teacher is another. Even if it doesn't negatively impact him, it is against the law to protect our children and should be enforced.
I'm not saying I don't understand your point of view, but I think that we have to put away our subjective opinions and view the situation in an objective way with the well being of our kids in mind.