Edenstyle has published part 4 of their Generations preview.

Edenstyle has added more info about pranks and punishment.

Children and teens can pull pranks by clicking on lots and items.
At school they can flood the building, release  a frog from science class, put toilet paper on principal’s office, deface mascot and steal tests.
If they don’t like a neighbor, they can throw eggs at his door, put a flaming bag and do doorbell ditch.
There are also many other bad things they can do at home, like spraying sink, shower dye, scary computer (a monster will appear on screen to the one that uses it), whoopee cushion… When they set a trap, they can also decide the Sim it is for. To do it, they have to choose “Set trap for” and then select a Sim from the list.
I would like to tell you what my Sim (Spencer) did in the game, in order to give you an example about what could happen. Spencer put a whoopee cushion on a chair. When his granny sit on it, the cushion did what it had to do and the poor victim got embarrassed and pranked moodlets.
He got mad with the grandson, that received “Got in trouble” moodlet.