There's a wealth of difference between knowing what they were doing and being aware, or responsible, for the consequences of what they did. Children know the difference between right and wrong but can't always follow the right decision because they are children. They are immature and they haven't developed a foresight that allows them to be responsible.
Obviously what they did was wicked and the horror of what they did is still raw to this day. But they were treated as children and given the chance to be rehabilitated and try and make lives for themselves. Yes, I know that that was something they didn't allow poor Jamie Bulger but blood lust and mob type revenge won't change that.
I think they were dealt with correctly and it is quite ironic that the previous poster calls children scum (however dislikable they may be) and talks about our messed up society. maybe we should look at Venable's and (the other one)'s parents and point the finger at them. Children are just a reflection of their upbringing at that age. If they were from a stable, loving background I'm not convinced they would be walking around a shopping centre unaccompanied whilst deciding to hurt and kill.