As cali said, pits are fine with people, including children and are generally very tolerant of poking and prodding due to the higher pain tolerance (being bred to fight meant they had to not let their pain affect them or it could mean death), this of course doesn't mean they don't FEEL it, they do, they just choose not to react to it. So don't LET the kids "abuse" him obviously, that wouldn't be very kind lol. Plus I don't know how poodles are with pain tolerance. As cali said you never leave any child alone with any dog for both the dog's and the child's safety.
As Cali also said pits are usually bad with other dogs, much like a greyhound has the urge to chase small furry animals and border collies have the urge to herd animals, pits tend to have the urge to fight other dogs as that's what they were bred for. This does not mean they all do but it is more likely and not uncommon. In the case of this genetic aggression towards other dogs, it cannot be trained out or prevented. However you should still work very hard to socialize the dog with other dogs for a few reasons. One, if the dog does not end up with dog aggression you don't want him to end up with fear aggression because he did not meet enough dogs as a pup. Two, even if he is dog aggressive, you don't want that to be coupled with fear aggression as well because then you'll just have a mess of a dog who goes insane at the sight of other dogs. If he is DA just don't let him near other dogs and carry pepper spray or something to keep strays/loose dogs away from you on walks.
This dog should not go to the dog park, he can meet dogs at human parks (bring him when you bring the kids) and on walks and you can set up play dates with other dogs that you know. Dog parks are full of dogs you know nothing about and you don't have any control over the situation. Like any dog he should still meet lots of dogs and people so he does not learn to fear them.
Both pit bulls and poodles are active, athletic dogs who need lots of exercise and mental stimulation (teach him tricks and other commands). Getting him involved in a sport would be great, even just backyard agility would be great.
I bet this dog will be very smart as well.
I LOVE pit bulls and think poodles are awesome dogs as well. You have nothing to worry about (not anymore than any other dog at least) so long as you are a responsible pet owner who socializes their dog and uses good common sense.
Being a mix he could be completely like a poodle, completely like a pit bull, or anything in between (both physically and in temperament), so you'll be in for a surprise.
Stay on the forum, read some old posts and ask more questions, we'd love for you to be a part of the forum family.
And remember not to take advice about pit bulls from people who have no experience with them, most people who don't like them have never met them.