I also have a queen and both of her sons are called "Prince." One's father is a Trickster and the other's father is a Town Watchman.
I think there is a running theory on the forum here that if the female hero has a child with one of your male heroes then the child will take on the name of the father's profession. My queen married and had a child with my Jacoban priest and he was 'Li'l Shepherd' instead of 'Prince'. The same held true for all my other female/male hero combinations.
In Pam's case, her queen had children with 'townies', to use a TS3 reference, and we believe that may be why they have the title 'Prince'. This is all speculation at this point, but it seems to match what a number of us have observed.
Another thing about children is you can't influence the baby's gender like you can in TS3 - you get what you get. Pregnancy take about 1 sim day and kids go from nooboo directly to child in about 2 more sim days. You only have the choice to feed and cuddle if you're the mother and any hero sim in your control can also cuddle the nooboo. There is a good thread
here about children.
Each adventure (quest) will give you several choices of heroes that can do it. Some quests require only a primary hero, some also include a secondary hero - it's a bit more challenging controlling 2 heroes simultaneously, but once you get comfortable with the game mechanics it's not too difficult.
For me the game started out slowly - I didn't love it right out of the box like I did with TS3 (my first real Sims experience). It took me probably a good 5 hours of play to stop comparing it to TS3 and really love it for what it is. That was just my experience, many other people on the forum loved it as soon as they started playing. I definitely would recommend getting it and, if you find that it's not what you expected once you start playing, give it some time. This game definitely will grow on you!