Seems reasonable to have child accounts under a parent umbrella account. Giving the child account the usage access and give the parent account all the configuration access. And then imagine that day when you can finally flip that switch and let them control it themselves. But my biggest fear really is that then I'd have to watch what I say on Facebook. I don't think my kids know that I share some of the stupid crap they do and say. I would most certainly have to put them in the group of people that can't see anything of mine. :)
I don't want my kids to be able to actually login (they are still too small) but I do want to be able to create an account for that that I will manage. for one, I'd like to be able to tag them in photos etc. right now our kindergarden shares with us photos of our kid on Facebook and tags my wife in them so that we get a notification.
Clearly the rate of change happening at FB is increasing post-IPO. I think this is a real risk for them as they potentially upset the boat too much and increase the chance of capsizing. The change of focus to quarterly numbers is potentially going to be their undoing.