If words are created by usage, unschooling is a word. I was actually surprised that the idea was new to Slashdot. The term's thirty years old, and it seems so close to the "DIY" ethic often lauded here. I first heard about it when I saw the entertaining "Teenage Liberation Handbook" fifteen years ago.
I totally support parents choices and different kids' needs. My own eight year old twin daughters weren't doing badly in school, but one was starting to fall behind in math and spelling, and really having a hard time dealing with that emotionally. Our kids are nice and well behaved, so the teachers aren't able to offer special attention (they're not causing problems, you know?) So this year we're opting to support her to do better at home, and we'll see how it goes.
We're in Vancouver, Canada and they were in French Immersion, so we're getting them a Francophone art-teacher tutor. We read a lot, we're working on math, they are interested, I'm not worried as long as their mom and I have the privilege to spend the time with them. For now we're all giving it a try.
It's obviously not something every family can do, but it's not an idea to be dismissed. They invented public school so parents could work, (since child-labor laws made them hire adults.) It's hard to find time to really support kids' education whether they're in school or not. Some successful kids do well in school, some are bored but get through it, some (like Einstein) fail and might have done better without school at all.