I don't know whether it is "wrong" socially, but morally, maybe.
As a parent, my fundamental job is to keep my son safe, and that means regulating or introducing materials to him when he is age-ready. And the physical age of a person does not always reflect their emotional or psychological age, so I have to be careful that I do not deprive him or introduce him to things too quickly.
I cannot control what he does with his friends and I am sure he has looked at more than his fair share of stuff, but when it comes to the home that is as much control as I have.
Yep, I have access to all my sons passwords for Facebook, Hotmail and so on. Until he displays a good and mature knowledge of the technology, I got my eye on him. I do not want to censor him, I want to know that he is safe. I know for a fact that he is looking at porn, but the websites are pretty mild as you have to pay to get into the more full on stuff. he does not know that I know.
I would not encourage it, but I cannot deny it either.
Loup