We are wanting to instill God's word into our children young. McKenna is really into this and loves to memorize scripture. She tells us all the time "daddy i want a new verse."
So far we have taught her: Gen 1:1, Ex 20:10, Phil 4:13, Ps 139:14 and now she is learning Luke 2:11. I think she knows more verses than me....
She loves it and I'm sure Parker will one day. Read more here on my wife's blog. She is a lot more detail and a much better writer than I am. (I'm sure a better speller also)
I have to admit we do not do bible studies with our kids or anything but this is a fun act that works in our family to instill God's word into our Kids young.
Find what works for your family and do that. The important thing is to teach them God's word.