The MyKey system does a lot more than just limit speed, all of which will probably prove to be annoying to teenage drivers. It allows allows owners to program a key for the teen driver. They can set parameters which the car recognizes when that key is inserted. It can limit the vehicle's top speed and audio volume, encourages safety-belt usage, provide earlier low-fuel warnings and can also be programmed to sound chimes at 45, 55 and 65 miles per hour.

Ford has updated its already existing SecuriLock passive anti-theft system to add these features.

According to their press release:

The MyKey system allows the parent to program any key through the vehicle message center, which updates the SecuriLock passive anti-theft system. When the MyKey is inserted into the ignition, the system reads the transponder chip in the key and immediately identifies the MyKey code, which enables certain default driving modes, including:

Persistent Ford Beltminder with audio mute. Ford's Beltminder system typically provides a six-second reminder chime every minute for five minutes. With MyKey, the Beltminder chime continues at the regular interval and the audio system is muted until the safety belt is buckled. A message center display "Buckle Up to Unmute Radio" also appears on the instrument cluster.

Earlier low-fuel warning. Rather than a warning at 50 miles to empty, MyKey provides a warning at 75 miles to empty.

If MyKey is in the ignition, features such as Park Aid and BLIS (Blind Spot Information System) with Cross Traffic Alert cannot be deactivated.

Additional MyKey features that can be programmed through the vehicle's message center setup menu:

• Limited top speed of 80 mph
• Traction control system, that limits tire spin, cannot be deactivated
• Limited audio volume to 44 percent of total volume
• A speed alert chime at 45, 55 or 65 mph

Ford arrived at the maximum 80 MPH speed limit as a way to allow drivers to be able to react to emergencies, which might require them to "punch it."

According to a Harris Interactive Survey conducted for Ford, MyKey appeals to parents.

• 75% like the speed-limiting feature
• 72% like the more insistent safety-belt reminder
• 63% like the audio limit feature

And here's the key to getting teens to like, or at least tolerate, MyKey.

About 50% of parents who said they would consider purchasing MyKey also said they would allow their children to use the family car more often if it were equipped with the technology.

Naturally teens are opposed to MyKey, with 67% saying they didn't want it. Once told that they might be able to drive more, the objections dropped to 36%. I guess the only question remaining is: will a cottage industry build up around hacking this system?