I have XP on my computer, and it does everything I need. I've heard that Vista is much more visually pleasing, and that may be true - but I'm not about to spend the outrageous price for an OS just because it's "prettier." If the day ever comes where Vista does something I need that XP doesn't, then I'll switch. I don't see that day coming any time soon.
I'm not sure if "Parental Controls" are the bells or the whistles. In either case, it's nothing more than bloat for the vast majority of users.
As for its usefulness... how many parents are using the V-Chips that are built into their TV's? How many even know they're THERE, much less how to use them?
