Steeltrap:
Yes it is. I know that this was brought into the americas as a Spanish tradition.
I don't know how Mexican Americans do it but while growing up I attended/danced in Quinces for Cuban, Dominican and Puerto Rican girls.
Quinceanera parties are traditionaly preceded by a Catholic Mass (although not many people do this anymore) followed by the party held at a banquet hall. 15 couples dressed in matching gowns/tuxes dance choreographed numbers which include a waltz, salsa or merenque (depending on where your from) a slow spanish ballad etc. The quinceanera will wear white (or any color nowadays) and wears a tiara on her head. There is also an MC providing the important information as to what her favorite color,song,subject,animal,perfume is LOL! These turn out to be extremely elaborate and expensive affairs including limos and professional photographers! Think of it as a pre-wedding. And this is not just for the wealthy let me tell you. The family will scrimp and borrow just to put the party on. Sometimes the quinceanera will be brought in on some sort of prop like a carriage or something. Yes it can be quite tacky at times!
This is most definetely considered a rite of passage in the sense that traditionally this is when a girl begins to be treated as a 'senorita' and is prepared for the ways of womanhood. Although we know in this country most 12 year olds have already seen and heard it all, right?!
I think that a establishing a rite of pasage for African American girls is an excellent idea. Some of my southern sisters have told me about cotillions but it seems to be a privilege of the white upper class.
Good luck and if you need help with brainstorming let me know, I'd love to help.