This rating system is necessary to keep young chidren and teenagers away from overly violent or sexual content. Underage people do not need to be exposed to this kind of media. If it weren't for ESRB, then parents would not be as aware of what kind of content would be appropriate for their kids.
There is non-stop hoopla about parents allowing their children play violent games, along with the commonly debated idea that violent video games make kids violent. Taking into account those ideas and values, we should most certainly have game ratings. I know I wouldn't want my 6 year old cutting people open with chainsaws in Gears of War. Those ratings are there for the parents to decide whether or not the content of the game is ok for their children to view and play.
ESRB ratings empower parents to control the kind of content that is in their child's video games. If, for some reason your child has $70 to spend on a brand new game and heads off to the shop in the mall without you, rest assured that the shop is required by law not to sell games with inappropriate content to the child. If for some reason the parent does not approve of the ESRB rating or feels it was unwarranted, they can purchase it themselves and give it to the child personally. Who knows, this may even be a way of showing your child that you respect that they can handle such content.
Yes, I think that an ESRB rating is necessary for video games, because it gives some parents insight into the content of the games, so that they can make good choices about whether they want their children to play the game. It also gives the parents someone to blame if they decide not to buy the game for their child.
They don't care if there kids play mature games till they repeat everything in the game and also wanna buy the objects that the player is holding. These games are making kids wanna be like the player cause he is cool and he has all these things you can do.
While I do think that ESRB ratings are very helpful, especially for parents, I do not believe that they are entirely necessary. If they were to completely go away it would just put a little more on the parents to educate themselves about video games and their content, which could actually be a very good thing.