I totally agree PCTechie. Our ideals only divert paths with regard to the actual locking. Its like an open bar at home, if the children know that the parents find it acceptable for them to use the gaming systems and test its limits, they are less to attempt to work around the restriction.
Yes.. I don't have children yet. So that might shift my view slightly, pardon my bias please.
One of the things that scare me about chipping it, I don't want to void any warrenties, and opening the box and "chipping" it does just that. So before I go to my local shop and purchase, that is running through my mind.