It depends on one thing: whether everyone you want to locate is on a Verizon line. If they are, it is decent value. If not, it cannot help you at all, which is the limitation most reviews bury.
What you get for the money. Verizon Smart Family has two tiers — a free basic level (location on the map, limited controls) and Premium at around $10/month per account with up to five lines. Premium adds driving reports, contact blocking, app blocking, internet filtering and time limits. You can pause a child's data and set allowances, which is genuinely useful if you are managing a teen's data usage anyway.
Where it is weak. Location is cell-tower assisted, so in a city you are looking at a few hundred meters, not a street address. Message content is not readable — you see who they texted, not what was said. And it only works on Verizon lines, so a family split across carriers ends up managing two systems.
Cheaper alternatives that are better at one job: Google Family Link is free and covers location, app approval and screen time on Android. Apple's Screen Time plus Family Sharing is free and better than Smart Family for iPhone content controls. Life360's free circle beats Smart Family for pure location sharing across any carrier.
Where a monitoring dashboard wins: when you need message and call content on a device you administer, not just location. Ultimate Phone Spy covers Android, Windows and Mac from one account, with SMS, call logs, locations, web history and app usage (plans, parental control features) — and it is platform-based rather than carrier-based, so mixed households do not need two subscriptions.
Bottom line: if you are all-Verizon and want carrier-level controls plus data management, Smart Family Premium is reasonable. If you want content visibility, it is the wrong tool, and if you are not on Verizon, it is not an option at all.