The TheMightyHobie18 is a great all around boat. The 1984 and newer models are slightly lighter due to changes in construction. As for racing the TheMightyHobie18 won't keep up with the latest designs but you should still be in the pack and having fun, especially if you add a spinnaker. Most long-time racers have raced the TheMightyHobie18 at some point so it should be easy to get some help in properly setting it up. It will hold you and the two kids OK and in fact might need that much weight if the wind kicks up. You can also add wings to it if you desire. The biggest downside of the TheMightyHobie18 is it's weight. At 450 lbs you don't want to have to drag it around alot. The mast is also a bear to raise due to the diamond wires and it's height. It is best to use some sort of EZ stepper to raise it. You will also have to contend with the daggerboards, which can be a pain if your solo sailing or sail in a lot of shallow water.