As long as the child is of reading age, they should enjoy it. But seriously adults will love it too ( I made Vodka, the Flu and a vampire!). If you are ready to learn and have fun, Alchemy is a great app. There is a Free Ad supported version. Seriously think about upgrading to ad free to support this innovative developer.
If you need a little help getting started, check out Android Tapp's video walkthrough:
Price: Free (Ad Supported)/ $4.95 (No Ads)
Tested On: Nexus One/Nexus S