I was home-schooled - all I can say is that it worked for me! Everyone's different though, and I'm not sure it would work for many.
Academically, my Mum (qualified Geography teacher) taught my and my two brothers up to GCSE level. I took GCSEs by open-learning (x6 A*-C) via a college then went to sixth-form full-time for A-levels (3x A Maths, Physics, IT). Then Nottingham University (Mathematics BSc 2:2), then a postgraduate course (IT MSc pass with distinction (70%+)). Now working for a market-leading American company in 3D, CAD and special effects.
Socially I guess it was a bit different to full-time schooling, but I wouldn't say much worse, just different. I had 2 younger brothers who were quite close in age to me and we were always close. Then various youth clubs, Scouts, etc as I was growing up. There was at the time an organisation called 'Education Otherwise' for families who were home-schooling, so there were various outings and events with them.
I would say that now I have a small number of close friends that I really should keep better contact with, but that's life. I now have a wife and a mortgage, so not as much time or money for partying/clubbing, but I was never really into that anyway.
I think home-schooling taught me discipline, self-reliance and independance. Life's treating me pretty well and I'm sure at least part of that is due to being home-schooled.
Having said all that, I should probably add that it's not for everyone. First off, it's not easy to do - I had very intelligent and dedicated parents, and Mum didn't mind giving up work for 15+ years to do it. Also, it has to be for the right reasons - we knew many families whose kids were taken out of school because, for whatever reason, they didn't fit in, they were being bullied, were bullies themselves or had other issues. Whereas, my parents did it from the off, not because we'd tried school and it hadn't worked.
Edit: tbh it sounds like most of you have quite a downer on the idea! How many people do you actually know who were home-schooled I wonder? Do you know it's a bad idea from experience, or just not sure how it could work? (genuine question btw)