Lab Rats is a pretty great show, especially coming from the live action department of Disney. It's my third favorite Disney XD show, preceded by Gravity Falls and Phineas and Ferb.
The characters, for the most part are well written. Finally: the stereotypical "strong, tall guy" isn't the bully. And while Adam is fairly unintelligent, he has his moments (ex. in Leo vs Evil he comes up a simple solution when everyone else was trying to over-complicate things). The stereotypical "small, nerdy kid" actually has self esteem, and is able to fight. And Bree, the only girl of the main cast, IS NOT A LOVE INTEREST! Sure, she has crushes, but what girl doesn't, and they are such a small part of the show. Even Tasha, part of the supporting cast, is more of a mother figure than a love interest for Donald. Plus she has a career and is able to manage probably the four most destructive kids in the planet. And Janelle, the love interest whose smart, doesn't put up with crap, and isn't even all that romantic, is a breath of fresh air. You go, girls! I will admit that there are some still very poorly written characters. Trent, for example, is your typical football jock bully. Principal Perry is that typical mean authority figure that everyone hates yet has to put up with (although I do like her in the episode Chip Switch). And Mr. Davenport himself is way too self absorbed (although I still like how he is a legitimate authority figure for the kids).
The plot of Lab Rats, which really starts to pick up in Season 2, is great. And I love how some of the first supporting characters you see in season one are seen all the way up into season four (ex Janelle and Principle Perry). (That is one thing that really bothers me about Disney's Kickin' It: Eddie is a main character for the first two seasons, but then he disappears without explanation and everyone else acts like he never even existed.) This show has its fair share of problems, but, all in all, is a pretty great show. If I were showing this to my kids, I would explain why some things shouldn't be tried in real life, and make sure they understand that its portrayal of school is not accurate at all, and then let them enjoy!