We're homeschooling my younger stepson. It was becoming clear that elementary school was simply a waste of his time, even when he was attending a progressive private school (with a generous tuition assistance program). He learns more efficiently on his own initiative. We live in an urban area, one in which there's a fairly substantial community of homeschoolers who coordinate activity, and of course there's the Internet. I'd say he has far more social interaction than I did at his age, both with other children and with adults.
From everything I've heard about modern educational theory, elementary school is pretty much pointless, and I'm increasingly dubious about the structure of later stages of formal education. I took classes on programming and system administration, and that prompted me to study specific topics that I wouldn't have, otherwise -- but, most of what I know about those subjects, I knew from tinkering with Linux on my own desktop, and most of the topics I studied that I wouldn't have on my own initiative, have proven to be obsolete or irrelevant to both my personal and my professional work. Meanwhile, I'm watching my ten-year-old, rapidly learning the ins and outs of package management and system administration, because of his interest in Minecraft.
The main problem with homeschooling, in general, is that I think it's relatively unusual for most people families to be able to ensure there's an adult at home to supervise a younger child. Fortunately, my wife is in graduate school, and my work schedule gives me several weekdays off, so there's always an adult around in our household; we also have adult relatives nearby, as backup. But, I think more broadly yet, our social and economic organization is grossly irrational. We work far more hours than we ought to -- real wages have been static in the US for forty years, even as productivity has more than doubled, so I think we'd all be better off in many ways if our wages were increased, we worked fewer hours, and we did less useless crap that just wastes resources to prop up an irrational economic system based on perpetual expansion.