Do you think its okay for a preteen to have a webcam on their personal computer?

I have an eleven year old who watches iCarly faithfully. He wants a webcam and is fascinated with the idea of doing his own webcast. My ex uses a webcam and would be thrilled if I let our son use one.

My ex and I are barely on speaking terms and I already have had problems in the past regarding my son's cell phone such as when my ex called our son and arranged to take him somewhere without my knowledge.

I have a webcam on my computer but I barely use it. I met a friend who uses one all the time and thinks its a great way to comunicate with family and friends.

I'm worried about privacy, my ex and all the bad things I can think of.

Do you think its safe? Do you think its okay for a preteen to have a webcam on the their personal computer? Do you have one in your home?