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I think it's a good idea IF it can be policed. I don't think it can be policed very well without making it an exclusive large business/organization area, in which case you get kids who are lobotomized through advertising for toys and junk :P (Not that toys ARE junk, but that junk and toys are often found together.)
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Personally, I think this is a stupid idea. Firstly, children are being shielded enough by the ever-increasingly tyrannical censorship boards. They're going to see such things eventually, why not sooner than later? I understand there is a "too soon", but thats different to the time/age when it is said to be. This, as I see it, would tie a noose on the knowledge gained on the internet by children.
Off on a tangent for a second, what will be classified right and wrong? Why is censorship passing violence but stopping pornography? Which of the two do you think is potentially more damaging?