As you may know, L. Ron Hubbard, a science fiction author, heard that the best way to make a LOT of money would involve starting a religion. He then disappeared for about ten years and when he returned, he had founded a new religion - complete with flying saucers and pseudoscientific apparatus. This may prove instructional for children

Probably someone already said this, but why teach them any religion? Why not teach them to observe the world with a scientific outlook and come up with their own conclusions? And anyways, I think it cheapens spirituality to offer up a grab-bag of mainstream religions as their spiritual choices. What sort of message does it send to a child if you essentially say "It's vital for your salvation that you choose the religion you think is right but, at the same time, which one you choose is completely arbitrary."?

Maybe you should create a religion with your kids. Ask them what they think happens upon death, what they think governs their fate, where they think the universe came from... Why not teach them to find answers by looking inward rather than by consulting archaic texts?

Why the either/or? Archaic texts may still on occasion provide useful insight. Certain facets of the human experience have remained reasonably constant for millennia.