I think you're being overly optimistic about this program.
Only activities done in the parent-controlled account on his own devices are logged. What he does at school, holiday, friends, grandparents doesn't show up. All you need is a friend with an iPad and you can do what you want. Using the guest account on your own PC or the family PC also lets her work unmonitored.
A rather awkward situation arises if the child uses a friends monitored account. Imagine: "No, dad, I really didn't look porn. It must have been Michael when he was here Thursday. I remember leaving him at my PC when I went buying a bottle of Coke for us. I couldn't imagine he would do something like this. Really, dad."
And, assuming MSN chats with your friends are legitimate, there's no protection at all against the 40 year old pedophile pretending he's a boy wanting to see the more intimate body parts of your daughter.
Unless, of course, all details of all conversations are logged and sent to the parents, I don't think they would see they were chatting "to an adult posing as a child on the internet", as mentioned in one of your links.