This article looks at the potential damage done by this behavior, and offers parents some suggestions:
http://santee.patch.com/articles/sexting-carries-lifelong-consequences-for-teens
And here is an update regarding legal implications:
http://www.philly.com/philly/news/new_jersey/117988459.html
and an opinion piece:
http://blogs.villagevoice.com/runninscared/2011/03/sexting_today_t.php
http://technorati.com/women/article/sexting-and-teens-an-epidemic/