It gives us control over him so that he can't lunge or bark too easily and keeps him walking like a perfect gentleman beside us. Also, the best thing so far has been using the "U-Turn" and the treats. Every time we go out, we take a whole handful and now he is trained to sit and wait for the elevators and sit in the elevator as well. People are very impressed with how our two dogs sit so nicely waiting. Its amazing what treats can do.
He hasn't barked at a child in days. Actually, we had to walk him through a crowd of kids and he remained completely composed. I wouldn't let the children approach or pet him and I think that gave him more confidence. Knowing that I will keep the kids away and that he will be protected has definitely done wonders for him.
Thanks so much to everyone who posted advice. I agree that fear agression and agression are two very different things. I know deep down that he is not an aggressive dog. Last night he slept with us the whole night and buryied his head deep under the covers to shut out all the light. He is such a sweetheart and a cuddler. I wish I had had him since he was a puppy to give him better socialization, but he is responding extremely well now.