I did it. I finally let go of control and took the child lock off the craft cupboards. I've given the kids access to glue, glitter and even scissors. It was a difficult choice to make because last summer they used the markers to "decorate" the couch and in the fall used pencil to graffiti my walls.
Even though I was quite worried I have to say it's been great so far. There have been far less 'Mommy, there's nothing to do!' comments and when they do pop up I remind them the cupboard is open and off they go. In conjunction with the freeing of the crafts I also purchased them some super cheap workbooks from Safeway and now every day I find them cutting, pasting, colouring and doing mazes.
Probably the only con I've seen so far is that I need to constantly remind them that if they're done with one craft they need to clean up before the move on to the next. Other than that they're enjoying their craft freedom and I'm enjoying those few more moments a day where they're not fighting. Now let's just hope they've gotten past their graffiti days and my walls and furniture are safe!