Parental Controls are still very broken in iOS 6. They should enable a quick and easy way to control what children can use on their devices, but are hampered by a complete lack of support for the multi use nature of the device.
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no password is needed to activate controls, so if you forget you can get partially locked out of your own device
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no reasonable option for IAP exist, you want password free updates and caching in the App Store, with the password caching stopped when you switch out of the store. And asked every time for IAP.
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no global read only switch for your data and permissions.
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no page based access control: you really want to have creative and consumption apps separate, so your kids could spend hours playing with GarageBand, but only half an hour each day with games.
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no restrictions sets, so that you can easily change between different usages.
As it is, I suspect the best solution is to have one game free iPad for each children, and a pure games iPad shared with maybe the parents. But this looks pricey.