I just ran across a link to these guys over on the Make! Blog, and oh Buddy! is this some cool stuff.
Neat, educational, and fun projects for kids of all ages, in a format kids of all ages can appreciate: Cartoons.
Fer instance, Pen Pal, is some groovy sequential art which rewards the reader with all the knowledge they need to make their own paper and ink, and cut a quill for a traditional dip pen. Now if that ain't fodder for a rewarding rainy afternoon with your own favorite hatchlings, I don't know what is.
If'n you are of the inclination to prod your progeny in a more steampunky direction, you might try making the Soda Bottle Submarine, teach them some principles of buoyancy and push the little megalomaniacs closer to being Captain Nemos in training. I know a certain book-pirate on the West Coast, whose twins would love this.
That's right folks, why sit back and complain that all kids want anymore are ipods and gameboys, if you don't encourage them to make their own fun?