Not totally sure what has put you off from the game, the PvP, full loot, or the language? If it's language I wouldn't say it's a huge issue. I've heard worse from xbox online or ps3 online. If they take away the Global Chat then I think it will greatly improve the experience.
If you decide to play, teach your kids the ignore feature, so if they meet a offensive player they can ignore them and I believe they will be muted.
As for the game play, it's really unique, a sandbox - so you can choose to play it the way you would like. I think it works very well with families, friends, or any groups for that matter. When you start a tribe you can find a secluded spot that looks like it wont have too much activity and place a totem there. There on you can build up your land into whatever you desire - the game is great for team-work, it can be played solo fine, but is especially fun when working with others.
You will probably encounter PvP and if this is something you want to avoid then you may want to stay near your totem for protection. If PvP is a way you want to play, it's another fun feature and works good when you have a group of people to cooperate with.
I would give it a try, maybe just try it out yourself for a bit and see how you feel about it - but I think you would be surprised by the game and what it has to offer!