I've only been a member of MyLOL for about a year, but that's more than enough time to realize that it's not for everyone. You have to be 13 to join the site, and I think people should take this into their own consideration, because some kids are a little more mature than others. If your 13 year old son or daughter is still laughing at swear words (a little extreme, but it definitely happens), then he/she is probably still in a sort of phase where they can be strongly influenced by others and what they say and do, and they shouldn't be on this website. If not, then swearing isn't really that big of a problem. But it happens.
As far as sexual content, it's pretty well-restricted. Besides perverts asking if anyone wants to "get dirty", which is easy to avoid, there's not much to worry about.
There are loads of insanely annoying ads on MyLOL, but who cares, they're everywhere.
People do talk about drugs and alcohol in the chat rooms and whatnot, but you can easily click "ignore" and never have to hear from the idiot ever again. I wouldn't get involved with the chat rooms to begin with. Most of the people there are morons, anyway.
I also see people complaining about getting banned. If you and your sister (just an example) share a desktop computer and are both accused of being fake, just post something called a "proof picture". What you do is, you take a picture of yourself holding a piece of paper. On that piece of paper, you write your username, MyLOL.net, and the date and time. In the example situation I just explained, you could each make a sign and be in the same picture, to prove that you're sisters. And it also helps to stay out of chat rooms if you think people might accuse you of being fake. The administrator sometimes hangs around in there and sometimes checks people's profiles and ip's.
It may not be as advanced as other online communities like facebook or myspace, but it's a nice virtual escape from your hometown. As long as you're not giving your personal information like there's no tomorrow, you'll be safe and able to enjoy the site.
Thanks for reading my long-ass review! ^-^