Are your kids using social networks yet?
My kids started out using Club Penguin. One of my son's was far more cautious by nature than the other, so he was able to use Club Penguin with less supervision, however my younger son is somewhat of a "wild child." For him I used the parental control which only allows him to "speak" to others on the site using a short list of pre-worded sentences offered on the site.
As he got older, and wiser, I loosened up the restrictions, but I still hang out in the room while he is Clubbing. My older son finds it hysterical that I refer to it as "Clubbing" as he gets the reference which is utterly lost on the younger one. Ah, the joys of being the older child with a quick witt. : )
What about you? Have your kids begun their own kind of Clubbing, or are you still trying to figure out if they are ready? Or have they tried it and it didn't work out? Share your wisdom, warnings or wonderful experiences.