In my opinion, they're better than almost allother small pets with children (so long as an adult is the primarycaretaker with young children and teaches them to handle the ratsproperly). Especially if accustomed to being handled andwell-bred,rats almost never bite. They'reincredibly social and friendly and will bond with their owners, andthey're very intelligent, too.
They are very clean animals. They clean themselves like cats,and don't have much or any odor to them if they are keptclean. They can be litter trained. Boy rats tend tobe a little dirtier and smell more "musky" - to me they smell like cornchips, and unless neutered they will occasionally urine-mark (it's onlya drop). I prefer boy ratsthough because they aremore laid-back and cuddly than girls, who are more hyper and playful.
I think they're wonderful little pets. Much more sociablethan gerbils or hamsters, not as timid as mice. Lots smarterand more engaging, too. They do require more investment, asthey are not content to be caged all day and really need mentalstimulation (toys, playtime, etc). They will adapt theirschedule to yours because they like people and want to interact withyou, which is really cool.
They really should be kept in same sex pairs, they do not do well aloneat all. The best place to get them is from a rescue or aresponsible breeder - often pet stores carry them as snake food notpets, and they aren't as socialized or healthy as a result.
http://www.ratster.com is a goodplace to look for rat breeders.
The only downside to rats is that they don't live very long (2-3 yrs)and they are prone to tumors and respiratory illness as theyage. Fortunately tumors can usually be removed surgically,and rats from well-bred lines have fewer incidents of them.Respiratory diseases can usually be remedied with antibiotics if caughtand treated early.
More on rats:
http://www.petinfopackets.com/rats/ratinfopacket.html