As much as I agree with Obama about parents spending time with kids, as well as reading (very much the reading; my bookcase that is warping the floating wood floor will tell you how much I advocate reading), there's no reason you can't spend time with your kids while playing video games. Aside from the fact that there are a lot of kid-friendly games for Wii and Kinect (mostly Wii, of course), plus some great kid-friendly co-op games like LBP2, just the fact that both kids and adults can play video games provides great common ground that didn't really exist before this generation, where the parents are the people who grew up with Odyssey, NES, Genesis, SNES, Atari 2600, Dreamcast, Saturn, and PlayStation, in addition to knowing how great a social experience it can be from having lived through the era of the video arcade.
This episode [http://www.cracked.com/article_18819_the-4-most-important-things-to-know-as-gamer-parent.html] of the Ben Heck show also shows how parents can even turn normally 1-player games into a shared experience with their kids. (Figuring out how to build the set yourself alongside your kid would probably also be a good shared experience, as well as teaching a lot about electronics, which is becoming an increasingly important skill in today's society, even before you consider jobs in the field.)