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Teachers shouldn't date their students, regardless of the ages of the participants, for obvious reasons. Any one who thinks otherwise is just wrong from an ethical perspective.
Basically the relationship needs to stay professional until the faculty member no longer has the ability to influence, either positively or negatively, the student's academic career. After the student finishes the class, graduates from the department, and the power imbalance and temptations to show favoritism are completely removed, ethical concerns are less but could persist in certain cases. For example, using ones influence with peers to assist the career of the protege is out of bounds and the ability to do so could persist for years.
Obviously student-faculty relationships don't always happen this way. Most administrators are hesitant to sanction a faculty member unless it is a sexual harassment situation, although I am aware of cases of consensual faculty-student relationships where sanctions were given.
In a case where the couple ends up in long term committed relationship after the student-faculty relationship has ended, I am personally willing to consider the reprehensibly and ethically bankrupt indiscretions of the past to be in the category of "let bygones be bygones".
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