I have four young kids.
While I wouldn't like them to view a screen like the one presented in this post, educating them on what is and isn't considered tasteful is one of my jobs as a parent. 
Just the other day we were at the local park, and the kids were reading the graffitti on one of the implements.  Of course there were BAD words in there, and it was an excellent opportunity to explain the difference between good and bad words, etc.  This screen is probably another example of that.
I won't tolerate that type of language in our house, but I will tolerate using it as an example to educate them.
They will be exposed to naughty words and inapproriate situations regularily as they enter their teen years and attend our public school system.  I will be on the sidelines reaffirming what is considered good/bad or tasteful/distateful for my family...eventually they will need this power to make their own decisions.
That said, it would be nice if Zune had an optional filter to screen out a list of known naughty words. We could probably start with George Carlin's list of 7 dirty words.Devil