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I think you have to qualify that with:

What's it like for Kids over 12?   Teenage'ish behaviour seems to be the same everywhere.

What's it like for Kids under 12?  These are mainly just kids

I can't speak to raising my own kids here but I will say that I am impressed with the quality of schools and playgrounds here.  There are more open air activities here in Budapest than I had in the US countryside growing up!

I live across from an indoor/outdoor sports complex and always see many people jogging, swimming, playing futball, and many other activities/sports.

I think a childhood here is as good or as worse as the parents make it for their children in any other country.  Do the parents take advantage of the opportunities?  Perhaps a different question though...

We have just arrived here in Hungary (from UK), to the middle of the countryside, our son is 13.  Lack of English teachers in local Hungarian schools (and his lack of Hungarian language) has prevented me from sending him into school. I am homeschooling him instead.  Since we have been here I have discovered there is plenty going on in the summer months nearby.  Summer schools, swimming, fishing, hunting. We shall stick with the homeschooling and see how it goes.  My son is learning Hungarian so i think opportunities will present themselves in time.