I realize getting app approval from apple is no walk in the park, and I meant that the app could be used to manage the content needed for school work, not manage the devices themselves. And while not foolproof, schools already restrict Internet usage, to keep students off of sites they shouldn't be on. (I say not foolproof, because I had my own personal proxy sites all through high school so I could Facebook at lunch.) As far as games and other distractions go, I had a dozen games on my Ti-84 calculator. It is and always has been on the teacher to make sure students are using technology properly, which is why I spent many math classes WITHOUT my calculator after getting caught.
I can see the advantages of e-ink/liquid paper, cheaper, less energy required, maybe even more resilient/resistant to damage, but their lack of video support is what kills it for me. I truly believe, that video is going to be an essential part of the learning process. Imagine a dissection for a biology class without the heavy stench of formaldehyde thick in the air, a 3-d graphing calculator with pinch to zoom/rotate, or being able to explore the wonders of the world in a geography class. I just haven't seen any eink tablets that can do this.
Theft could be a problem, but the iPads/tablets have better security features than most other school supplies. I'd love to see some statistics on school ipad theft and recovery. I don't think there's much room or reason for jealousy between students equipped with tablets, but I can totally see them being taken elsewhere.
And as far as device management, I think apple does offer something for that: Apple - iPad in Business - IT Center - Mobile Device Management in iOS