Will and Jada’s boy is the most bankable kid in Hollywood. He’s not old enough to drive and he’s so pint-sized, we doubt he can even reach the pedals, but at the ripe old age of 12, Jaden Smith has become the nation’s highest-paid child star, raking in an estimated $3 million from his role in 2010′s The Karate Kid remake.

For those not in-the-know, Will and Jada Pinkett-Smith, hip-hop impressario Jay-Z, and Will’s Overbrook Productions have reached an agreement to feature Will and Jada’s stylista daughter, “Whip My Hair” singer Willow Smith, in movie musical remake of Carol Burnett’s 1981 box office hit Annie. (Epic Fail, mind you…)

But not everyone is ecstatic over the recent Hollywood exposure of Jada and Will’s spawns, including son Jaden, who starred in a remake of The Karate Kid just last summer. Bestselling author Terry McMillan has incited the wrath of Smith fanatics on Twitter after posting a series of disparaging remarks about the showbusiness fam on her feed this week.

Do you agree?

One child’s burning up the pop charts with her debut single. The other became a box office draw with the release of the summer motion picture remake The Karate Kid.

But are Will and Jada pushing their kids too the brink of destruction?

They haven’t even hit their teenage years yet, but pint-sized stars Willow and Jaden Smith already strike poses on the red carpet like a couple of seasoned showbiz professionals.

Will Smith and Jada Pinkett-Smith’s two kids have been close to the spotlight for years, but in the last few months they’ve both suddenly shot to stardom with Jaden, 12, appearing alongside martial artist Jackie Chan and Oscar nominee Taraji P. Henson in The Karate Kid and 10-year-old Willow releasing her first single — the infectious “Whip My Hair.”

But some friends of the couple say it’s all too much, too soon.

“Will and Jada expect only the best from their children, there is very little room for failure. They’re a very competitive, high-performing family,” a well-placed Smith source told Britain’s Daily Mail Thursday. “It’s almost like the kids have never known what it’s really like to be a child. They were launched straight into the limelight. A lot of their friends think it is way too much too soon.”

The organization of theater owners will gather in Las Vegas this week for its annual convention, at which time it will present awards to several young box office stars. Jaden, 11, has wowed ShoWest panelists with his performances in The Pursuit of Happyness (alongside his dad Will) and The Day The Earth Stood Still.

“Jaden Smith is an exceptional young actor who has delivered a true breakout performance with his portrayal of Dre Parker in ‘The Karate Kid,’” Robert Sunshine, ShoWest co-managing director, told Variety this week.

Jaden will chop his way into theaters again this summer with The Kung Fu Kid, an update of the 1984 box office classic The Karate Kid.

Synopsis: “The Karate Kid, directed by Harald Zwart (The Pink Panther 2), stars Jaden Smith, Jackie Chan, and Taraji P. Henson. Smith plays Dre, a skateboarding video game buff who moves to China after his single mother is forced to go there for work. Unable to speak Chinese, Dre finds it hard to settle in, and gets beat up by the local bully. Chan plays Mr. Han, a maintenance man who spots his black-eye and offers to teach him both martial arts and Chinese, so he can defend against all the kung-fu students.”

Sony Pictures has released a few photo stills from The Karate Kid, which stars Will and Jada’s 11-year-old son Jaden Smith, Jackie Chan, and Academy Award-nominated actress Taraji P. Henson.

In this remake — a revamped version of the 1984 motion picture of the same name — work pressures cause a single mother (Henson) moves to China with her young son (Smith); in his new home, the boy embraces karate, taught to him by a master of the self-defense form (Chan).

The Karate Kid hits theaters June 11, 2010.

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A Project Zambi celebrity charity auction on eBay kicked off Tuesday, featuring decorative elephants signed by stars like George Clooney, Scarlett Johansson, and Alicia Keys.

“Willow and I joined Project Zambi to represent all the kids out there who want to make the world a better place. We want to encourage kids everywhere to lend a hand and join us in spreading the word about how much children who have been orphaned by AIDS in Africa need our help,” Jaden says.

The 10-day online auction ends Oct. 15.

Variety has confirmed that Jaden Smith, the 10-year-old son of Hollywood staples Will and Jada, will star in Columbia Pictures’ upcoming reworking of the hit 1984 film The Karate Kid.