Windows Live Family Safety
Full user review
"Superb software addition"
You can easily customize this to fit your needs. I only have it installed to prevent my children from accidentally getting adult results in searches.
I have not found anything negative of this product. I have it installed on three desktops and one laptop. Desktops are running Windows 7 x64 and my older laptop is running Windows 7 x86.
The only thing that would be an added feature would be to limit the amount of time spent online.