Dots,
I had serious reservations when the oldest started w/ the poker thing as it was just an extension of the partying thing....and as compulsive gambling runs in his gene pool, I had more than a few doubts. I never even let the kids bet $1 on the preakness or super bowl like my dad did with us when we were small. That said,
when my younger son started playing w/ his friends I got worried because these kids are obsessed. However, like you say, the buy ins are low and the up side is this: the group is always at one of our houses. There is always a parent around. If it gets late they all just crash in the family room of whatever house they are in.
There's no drinking or drugging as a parent is around. All in all it seems to be the lesser of the potential evils, and this from a woman who was once married to a gambler who ruined us financially. Since the school has so few social events anymore and churches and the community don't have wholesome, healthy gathering opportunities for kids, it doesn't seem as bad as some of the alternatives. I too wonder if this makes me a mother who has surrendered to this new culture.

Kath, you mention surrendering to this culture. Gag me! I know what you mean. Our job as Christian parents is harder now than ever. I can't imagine what it will be like for our grandchildren. I still kids want and need limits...and adults in their lives. Keep the faith!