A few years ago, I ran into a guy from the local chess club at Barnes & Noble. I asked him how it was going, and he replied, "oh, you know... Good at chess. Bad at life." That has stuck with me too, and I can't justify spending too much time playing. It would be nice to share some games with my son when he gets older though.
BTW, by far the best tool I have found to teach kids Chess is the Chessmaster game on the Playstation. It is very, very well done and has a nice progression of tutorials and exercises. Best time to start is when your kid can read as not all prompts are verbal.