Quite literally everything you said here has nothing to do with simply having the device, just how it's used and how much the kid's allowed to sit and use it.
I just laugh my ass off when people view things as so black and white. Like either the kid sits in his room playing Angry Birds from sunup to sundown or he's outside making a million friends and playing stickball with the local scalawags.

What is the point of having a million devices when he hasnt got the time to use them? Why have an iPod, iPhone, iPad, and Mac when they pretty much do the same thing?
And I am also very much aware of whom my son plays with and what he does. I advise him and talk to him all the time and try to explain to him the reasons for a particular decision I have made. I try to make him understand the reasons behind an action and the fact that that action was taken with his best interests at mind.
Frankly, I'd rather have him play outside with a million friends than turn into a nerd that spends all his time in front of computer screens and is not able to string a sentence together.
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One hour through parental controls no less.
You know what's gonna be hilarious? When the kid hits college and ends up going bananas because his parents were stupid strict so rather than actually learning discretion for himself he lived his life solely by mommy and daddy's iron-rock schedule and rules.
Teach your kid to think and make judgements. Otherwise all you've done is create a kid who has no reasoning skills or self control, just an adaptation to rules that will not always be there.