When our kids first got cell phones we instructed them to not erase their text history, so that if we wanted to, we could see what was going on. Our instruction was, if you don't want your Mom to see it, then don't text it. We could at any time, and did, ask to see their phone and check the history. I think this taught our kids to think before posting anything electronic. We didn't check often, but ocasionally we did. Is that hovering, I don't think so. it was more of a suprise inspection. Also required passwords to their facebook page, and occasionally checked it, just to make sure it stayed appropriate. Funny thing was, we know another mom who is somewhat of a helicopter, and she would "alert" us of nearly everything status change or post on our kids facebook. She hovered over her kids, PLUS everyones elses.
So I'm somewhere in the middle. Parents who do not let their kids do anything themselves (years ago you should have seen the pine derby cars that 8 year old scouts "made themselves") are hurting the kids. On the other end, parents who don't keep a close eye on their kids aren't doing their job either. I think both types, the helicopter and the distant free range parent, are afraid of the same thing, their kid might feel bad cause they didn't get what they wanted.
edited per the term in gobiggergoredder's post