In Brightest Day, In Blackest Night ...
On the psychological side, I can say (and I am an university student of psychology) that not necessarly all kids will be affected to the matter. Maybe there will be a sort of "division" between the "normals" and the "improved", but I'm not sure that will be relevant... I think is more probable that only someone will suffer for that.
This surprises me. I'm sure kids would have a major reaction when their parents tell them, "I knew you'd win that award for sports/academics/theater because I made you that way." or "I can't believe you lost. I made you better than that." I personally find it highly insulting that parents might actually have this sentiment. Then again, I grew up speaking Chinese. I know what it's like to have your awards called fake to your face and criticized for not getting any.
The social and political ramifications are essentially neo-eugenics. The rich will make "super-human" children, the poor will be denied access to the technology, and the divide between these two groups widen. I fear the institutionalized racialism that would easily find root in such a society. It isn't an ethical endeavor, and we should not pursue it, in any way.
Eventually, there comes a time when technology advances to the point where even poor people have access to this technology. After all, back in the middle ages, paper was a sign of wealth. Now, we take it for granted.