It seems more like a PR move on MS\' part. Parental controls exist in most T.V.s, dtv/satellite options, and I\'m assuming the good majority of DVD players. Now quite frankly how many people do you think actually utilize this feature? Regardless of the obstacles, one will find a way to circumvent them if they desire the reward for doing so.
I believe the V-chip issue is merely token at best, and is more of a liability issue to waive responsibility on MS\' part for any unforeseen incidents that some may attribute to gaming. I\'m sure we are all aware of the allegations, and finger pointing to the "death simulators" when someone decides that the solution to their problems, is to equip themselves with an arsenal and start shooting.