Even though this was a gift, you need to make it clear to her that you have full access to her computer at all times!! If you put this software on it, she can just turn it off, change it, etc. They are smarter than us!!!
When I finally allowed my now 17yo 3 yrs ago to get myspace, she showed me her page she set up at school!!! I told her that I needed her password and she knew that I would check it at anytime. After about 6 months, I told her she could change it and I did not need the password but set up my own account and added her as a friend. If you do this, you will notice many other kids also have adults/relatives as friends.
You do have to be strong and not comment on something you may take offense to but talk one on one with your daughter about it rather than posting.
Another thing, you may set this software up on her computer but if she goes to a friend's house, school, etc. they won't have the software. So your best bet is to educate your daughter about the pros and cons-just like anything else you teach her.
With having younger kids, you definitely need to become tech savvy because believe me, they are going to do it with or w/o you involved!!
My youngest is now 13 and she makes posts to her friends when they list their phone number, etc.!!
Oh, and remember, make sure you check her instant message history-they think we don't know how to do that!! If you don't know how to do any of this, find a friends older kid to show you!!