I just did some research a while back on it. Brainetics is more or less the wheel reinvented. It is based on Vedic Mathematics (which Chris1 gave a link showing that Vedics math has no history in actual Vedic philosophy or documents). Its more or less just a bunch of fun short cuts which generally can be found relatively inexpensively on line. It has unique number bonding.
Here is one link that provides an entire teacher's manual for the elementary levels for free to download. I got through part of the text, and it is very easy to understand.
http://www.vedicmaths.org/Bookstores/Free%20Books.asp I am sure it would be easy to come up with your own worksheets that are more friendly and attractive to an active child. Before you can really begin Vedic math, it is recommended that they are confident in their math facts which means you can start with the concepts starting in the 3rd grade or as soon as they have mastered their math facts.
What I will tell you is that "Vedic" math does make math more interesting. I find it tickles the mind so to speak.