I feel it depends on the teacher. If homeschooling is done by an adept teacher, it is far superior to public schools (although private schools may be a different story). The parents know better than a school teacher how to teach, the child is more likely to listen, more flexibility, a lot more potential for advanced learning, and usually a greater variety of subjects are studied.
Some of the downsides I have seen are that the teacher may not be the best, there is sometimes a lack of drive if there is no formal schedule (but still more often than not the child learns better anyways), and the social development can be severely handicapped if one is not careful.
For instance, some of my family was home-schooled, others went to public school, and the home-schooled are more intelligent than average, and less likely to get into trouble with drugs, promiscuity, alcohol, etc. Simply fact. But a number of us home-schooled struggle socially. However, my youngest brother was able to enjoy the superior education of home-schooling, and became very involved with a few hobbies to supplement the social aspect. I would say my youngest brother had the greatest experience out of our family.
So, if you have a competent teacher and an outlet for social interaction, I would overwhelmingly recommend it.
Team Aureol of Kanto: Strike first, strike hard.
I believe in God, I am a disciple of the Lord Jesus Christ, and I am a "Mormon" (Church of Jesus Christ of Latter-day Saints). If you ever want to learn about Mormonism, feel free to PM me or go to the official website (mormon.org).