It might not do all that you need, but it can help make your family computing more pain free. And doesn't just have to be for the home.
I have relatives that do annoying things on the pc, especially with my installed office 2k3...threatening to uninstall it so they can find their own software doesn't help
I think this can keep those relative's habits in check as well as prevent them from mucking up the home pc. I think you can do this in an office to, to prevent your underlings from doing junk you tell them not to do. (I've controlled their surfing habits with the hosts file, hehe)