Oh hell no...
This is so fucked up. What is the point of school anymore? If they are not taught how to use pen and paper, give speeches and presentations the old fashioned way, it is going to do nothing but bad things. If they are not encouraged and taught to read books, write on paper, search information from books by reading and not just google and wiki everything and copy/paste to PP or Word... *sigh* it is going to cause some trouble for sure.
Dude, seriously, you are on the right track here. Maybe a computer isn't too bad for 12yo, but it needs to be somewhere where parents can keep an eye on the usage plus set a time limit of use per day. A kid that age needs to be outdoors playing and not indoors on computer. Wear him/herself out by playing and being a child so he/she doesn't even need to stay up all night, but sleep properly.