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Psychohistorian comments on Our House, My Rules - Less Wrong
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It would certainly be fascinating. It would construct a functional reputation economy for both parents and children, give children a lot of real power but prevent them misusing it, force a more negotiated style of parenting, break down "the family" and create something different but perhaps better, "the family as a standing wave".
It would almost entirely detach sexual activity from family. People who wanted families could just offer their services (singly or in partnership) and obtain kids. People who like children could continue parenting indefinitely, or perhaps even specialize in an age range. One possible downside: it would let people be casual baby lasers, as they could foist off their spawn about as fast as they could pop them out.
Even that could be an upside, considered differently: those who are most capable of having children--who have access to high-quality genes, the kind of physiological traits that make childbirth relatively easy, whatever--could very easily consolidate the work of actually having the children, while those with greater material means (should the groups be distinct) can provide for them.
Clearly, this is technically possible even under the current legal regime, but the system you're proposing might open the door to related contracts.
In fact, if we believe that there are economies of scale and gains from trade within families, two parents may be suboptimal. With three or more, one parent could more easily be home (with perhaps more children to handle) while the family's income could remain substantial.
Also, I love thinking about families as standing waves.