If not for the Speed Chat thing and how you have to pay a lot for it, it's a fun and kid friendly game.
It's fun if you like to battle with robot (cogs) and do really fun and toon filled missions. Try the free-trial that they have before you play though and if you like it then stick with it. It's like Guild Wars for kids (well not that good, but ya know what I mean) Just be sure that you use real chat, not the speed chat which makes the game less interesting.
Overall, if you have the money and care to have fun in a world with little glitchs and fun people then try Toontown, or at least the trial.