In practice, I think it sucks. Firstly, the resource doesn't work properly. I tried a couple of my email addresses and it came back and told me my age - it was out by a decade - it told me my address, which was vague and incorrect. It told me which sites I'm active on, and it was wrong. So we're not setting off on a good foot to start with. So, you need to know your child's email. What if they use different ones? What if they assume that mum and dad are going to be spying on them - which using this software they are, and provide another address.
Is spying on your child the best approach? I've looked at quite a few American resources, blogs and videos in this 'keep your child safe' and they all appear to take the same view - spy. Wait until they're out, and then check the computer and look at the history. How about this for a radical solution - learn how these things work, get your own Facebook accounts, friend your child, talk to them about online safety and TRUST them? Be there for when they need you, let them fight their own battles if they wish, but sit and listen - from a position of understanding the resources. This approach increases distrust and a gulf between parents and children. Wicked.