My almost 9 year old DD has a facebook account, myspace, plays webkinz and Club Penguin, has her own cell phone, ipod, digital camera, video camera, youtube account and laptop.
I monitor EVERYTHING.
She takes videos and posts them on Youtube, I see every video before it gets posted. I listen to every song and watch every video before she downloads them to her ipod. I view every pic before she prints them or posts them. I log on to her myspace and facebook accounts more often than I log onto my own. I see every comment that she posts and I will delete any comment that is posted to her account that I do not like.
I go through her phone and monitor her texts, she is only allowed to have certain contacts in her phone. She is only allowed to accept friend requests from people that I approve. I get into her webkinz and club penguins accounts periodically and play around in there as well.
She cheers and dances, so along with older relatives, she has older friends from there too, they ALL know that I monitor her accounts and I will not hesitate to inform their parents if there is anything on their pages that shouldn't be there.
Some of her former and current Sunday School teachers, coaches and teachers are her friends, so she is pretty good about what she posts anyway.