I know, I know ... we never stop being parents and wanting to help protect our kids or have them make good decisions. Goodness, I have as much trouble with this as any other parent.
When it comes to the process of buying a home, this might be one of the times when it's best to step back a little, but be close at hand when they seek your wise advice.
To help you be a "good Mom & Dad" here are thoughts from a real estate agent's perspective.

If you know a good agent, by all means recommend them. However, keep in mind that if the kids' Blackberries are permanently attached to their hands, and your favorite agent has trouble even sending emails, then perhaps they need to find a different agent that suits them better.
You may have personally viewed 50 homes before settling on THE ONE. The kids may only view 10-15 before making a final selection. This doesn't mean they haven't considered all the homes on the market, it just means that they're doing their selection online ... an option you didn't have.
If it's been more than 10 years since you purchased a home, please don't tell them that the agent is doing or saying something wrong ... based on the way it "used to be". New laws go into effect yearly. The agent is counseling the kids based on today's laws which are far stricter than they used to be. If you give advice that is no longer acceptable legal practice, you'll put the agent in the undesirable position of having to tell the kids that Mom & Dad are wrong. Trust me, we don't like having to do that any more than you want us to.

If it's been more than 15 years since you purchased a home, avoid suggesting that they should always offer 70-80% of the list price like you did. With computerized MLS systems, homes just aren't overpriced that much as it's too easy for listing and buyer's agent to run comps. There may be some exceptions to this but they are rare, especially in the central Ohio market. Submitting an excessively low offer may result in antagonizing the seller, and the kids may just lose an opportunity to buy the home they really want. Trust us to watch out for the kids and to know when a low offer might be OK and when it may not.
Don't be offended if the kids don't care for the style of home you like. Chances are they don't dress like you did when you bought your first home. (Come on, admit it ... you wore some funky clothes!)
When it comes time for the kids to select a home inspector, don't suggest they use Uncle Joe because "he's so handy at fixing things". The agent will be advising them to select a qualified inspector who is knowledgeable of local building codes and who will do a thorough inspection using high-tech tools. Support the agent's advice as it will save the kids' money in the long run. Save Uncle Joe's expertise for some minor repairs once they move.
And, last but not least, when they invite you to see the home for the first time, be really excited for them. Remember, how excited you were with YOUR first purchase!
That was a great post.
I spoke to an agent this afternoon who I will be e-mailing the link to your post to. She just had a home fall out of escrow because the parents talked them out of buying it.