On one hand this is a good thing. It helps parents monitor those children who really need a little extra organizational boost. It also helps parents and students stay on top of assignments if a student is out sick. It also helps parents keep track of assignments for apathetic, chronically overwhelmed students, or students who are at risk for failing.
I can see the negatives. however. Similar to the unsettling trend of parents filling out college applications for their nearly grown kids, it can take responsibility away from children who will benefit from having it, and indeed, failing to handle it. Increasingly, children are no longer the masters of their own destinies. Helicopter parents, who just can't seem to help themselves, are micromanaging their children's academic and after school lives far past the age when they should have stopped.
Soon we will have no need for the interim report, quarterly report card, and even, communication at all between student and parent. Parental Omniscience is good when it comes to Facebook and MySpace, but should kids have a little independence when it comes to managing their school careers?