How to manage a childs Ipod touch but still let them download apps without

I have a son and daughter that are getting a ipod touch tomorrow or Friday depending when I get all the controls set in place so I have a few questions and if I post in the wrong forum then mods please move them to the proper forums if necessary. I am new to the forums and this will be my first post. Here we go.

My Kids and I have always shared our music on our previous ipods which weren't touch ipods so we need to be able to share the music but I need to figure out a way they can share the music and still be able to download free applications and games and some paid stuff as well with their own Itunes money but I need to do all this without compromising my itunes password which will be needed to download the content from what I've seen by playing with the ipod touches they will get while I've been setting them up.

Is this possible for them to share music but have their own application account or can I give them child accounts kind of like the xbox live where I can control them from downloading unless they have me present ?

I do have one child that lives with her mom in the next town over and this is going to be a problem as we move forward because she will want access to the music as we move forward but its my understanding if we have the same account we sync off of that we can share apps as well , is this true or not ?


If we keep my daughter on my account is there a way that she can share the music and have it on her computer at home without compromising my itunes cash loaded onto my account or my credit card info as well ?

There are so many avenues and possibilities that it's hard to kind of network all these ideas into reality so thats why I turned to the forums where the power users are.

If anyone can point me in the right direction this would be much appreciated.