You know, I hear plenty of complaints like the OP but also from people who know of, but choose NOT to use the V-chip or like technology, and a recent study confirmed that the vast majority of parents don't even know they have such features already on their TV, cable and satellite boxes. Yet they complain about content their kids watch when they (the parents) are not home. Go figure.
As far as this software goes, if a TV show has offensive language, etc., then that is a show that should be entirely blocked, anyway. It's like letting the 10 year olds watch The Real World even though MTV bleeps all the naughty words and obscures any nudity, but SO WHAT! It is still clear to take in all the young adult sex, drinking, violence, back-stabbing, cheating on boy/girl freinds, lying, stealing, being arrested, spitting on people, and general very poor examples for any 10 year old. A "potty mouth" removed TV show or movie is still going to be inappropriate for children. How about having a false sense of security with the software presenting a bleeped version of the wife-swapping movie Bob and Carol and Ted and Alice? It is still very clear to anyone--even 10 year olds-- what the movie is about and what the couples do and eventually do. Also, lots of "in bed" scenes and frank discussion of child inappropriate subjects with NO naughty words. V-chip it, really is the only way for proper control of what the little kids watch.