Besides the chat, user-created content also worries me but that's not unique to the game. I remember back in the days when Sims first came out and it was revolutionary because basically anyone could create stuff for the game, and tons of inappropriate stuff was made and could be downloaded for free.
My boy is still enjoying the lego duplo games so I'm going to let him play with those for as long as I can. Ipad time here is super rare so he doesn't get picky about what he gets to play with.