I personally think it's a good idea. The world is only going to get more digitized with time and these photos could lead to children being seriously bullied. It's not fair that short-sighted parents can decide to have a laugh by posting such embarassing photos online where it can get so much exposure and the child has to suffer for it.
I'm willing to bet so many of those memes featuring embarrassing photos were not uploaded by those kids themselves, and look how much that has blown up. The Internet has the ability, and in fact, a tendency, to take "oh, I only shared it with the family" photos and blow it way out of proportion.
Kids should at least have a say in what photos of them are being uploaded and if not, parents should at least have the common sense to secure a safer future for their own children instead of being social-media-attention loving asses. If they can't do that, they should be held liable for the very possible repercussions that may surface a few years down the road.
That said, this can also get out of hand very easily if it's unfairly abused. We could see kids that are sick of their parents' treatment sue them for things they normally wouldn't, but that wouldn't happen unless the child is unhappy or discontent with their own parents and that's a different issue altogether.
