Apparently there's some proof that too much pornography is bad for you. [1] Not too mention all the multitasking. Other than that the Internet is like every other thing. It has good and bad sides. I, for one, have faith in teenagers. They'll turn out alright. It's usually the old folks that make the bigger/worse mistakes.
[1] http://www.youtube.com/watch?v=wSF82AwSDiU