I think if you go buy 3 started decks and sit down with the kids, you might have trouble learning the game. Its pretty complicated. Still though, I think its a great game. Very dorky but very fun, and the depth of the game and strategy required are challinging.
Half of the game, after you've learned how to play, isn't actually playing the game but building the decks, which can be done alone, and designing that deck for a specific purpose. Nowadays they have pre-made decks for sale that are already put togther for a specific function. The back of the box explains how it is to be used and after you learn how to play you can pick a pre-made deck that interests you.
The best way to learn, IMO, is to sit down with someone who already knows how to play, learn the very basic rules of tapping land for mana to cast spells and summon creatures, and then just start playing.
This, IIRC, is how the rule book included in the started deck 'teaches' the game too. You get a couple of here's-the-instructions chapters followed by, just sit down as start fooling around with the cards now. Followed by all the extra rules that are needed when something happens and you don't know what to do. Then you just look it up while you're playing.
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I've been playing magic for about 10 years now. My favorite deck that is still together is red and black. Lots of dragons and direct damage, life stealing, vampires and more direct damage. Its a little slow and lacks the little creatures, but its fun. And with my friends 'house rules' (start with 3 land and automatic Howling Mine {draw 2 cards instead of 1}) it gets the early boost that it needs.
We also started playing must-use-all-five-colors games for a challange and variety. Then they came out with the Fifth Age expansion, and with sunburst and the like, the five colored games really changed.
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