Is it basically a roth for you kids eduction where you only get the benefit of a maximum of 17-20ish years of growth? How advantageous is this really? Seems like a great option for the wealthy that I'm not sure will benefit me more than it might hurt me. Seems like it takes the control out of my hands. What do I need to be making in order for a 529 to make sense.

Right now I don't even know who my littles will be when they want to go to college and I'm not yet sure if I want to cover all their education. My own parents helped me cover partial rent the first two years, which I was embarrassed to take, and I was not on nearly any scholarship. I like the idea of helping my kids but I would rather give no or little help and later return an unexpected large lump sum after graduation. Seems like any amount I contribute to a 529 ties my hands and further limits my ability to invest and increase my own wealth, net worth and ability afford to do things like helping my children with school. Where am I looking at this wrong?