My wish list would include the ability to limit time spent on social networking websites (Facebook, et.al) separate from general internet time. Ideally kids would manage their overall internet usage, but in reality they use their computer time checking on and chatting with friends, then need an override to do homework (while still checking on and chatting with friends).
Limiting total social web time and/or hours of socializing would constrain computer abuse and still leave time for necessary computer usage.