my two kids got ipad mini's set up questions

My kids each got ipad minis for Christmas. My wife and I each have I phones and she has an Ipad. We currently use the same apple ID. Should we set up the new ipads with our current apple id??? Pro/cons. The kids are 7 and 10 so we need to monitor the activity on the ipads for sure. We sync everything we currently have through our imac......

thanks for the help