When I read the book to kids we always talk about what they will let their kids do when they grow up. Even my little ones understand the power that they will have and some get great joy from suggesting that they will let their kids stay up late or eat candy or play computer games.
What I love about the book is that it actually pretty much summarizes my parenting philosophy. With the exception of the line about not making my kids keep doing things they don't like (I have been known to say, "you owe it to your team to finish the season") I really do think that most of the sentiments are a good way to raise a child.
For example, I think that children should be allowed to decide if they are going to wear their coat outside. I always make my students bring their jackets outside but I let them take them off and put them on the bench if they don't want to wear them. Sure I've seen kids take off their coats just because a friend doesn't wear a coat. I've seen kids look cold. I've also seen kids realize that they wanted to wear a coat even though their friend isn't wearing one. I've never seen a kid freeze to death (well except my own coatless son who would almost freeze in the morning because his elementary teachers made him wear a coat, if he had one, at afternoon recess when it was much too hot for him). Allowing a child to decide whether to wear his or her coat is a simple way to give them control of a decision that matters to them. The downside risk is nothing (they will put on an available coat when they are really cold ;).