Æsthetically, it's nice for children. It starts off warm (starts off hot), feels good, and smells good, especially with some of the additives Pam Sorooshian recommends here. The play is soothing and easily shared, It can all be saved in ziploc bags for a while, and eventually thrown away.
Meanwhile, children can discover color combinations from mixing bits of different batches. They can experiment with making coil pots and little sculptures, or just generally squish the dough through their fingers. If your children are older, they might still have big fun. If your children are grown, you-the-mom (or dad) might find some unexpected entertainment yourself.
The recipe is at the link below, and other notes about things to do with young children are linked from there.
photo by Holly Dodd