We've started homeschooling our kids after a couple of years in public schools. I won't go into why, but our kids are happier and less-stressed and they are learning at acclerated rates. Not having a rigid school schedule allows for more flexibiity with extra-curricular activities and they school day is leaner and not packed with redundancy that stifles curiosity.
If you home school, the biggest challenge will be finding curriculum. There are lots out there--some kooky some good. The reason most people home school in our state is for religious reasons (i.e, they want to teach creationism and eschew anything secular about science). You're going to find lots of "young earthers" out there and their materials. You will aslo find Wiccans, atheists, and Pastafarians. There's a niche for everything so be judicious. A plus to the Christian curricular materials is that they are great for learning Latin. We teach that as the first secondary language because it is great for grammar as well as all of the root words and scientific applications later. It also makes it easy to branch off into Italian, French, and Spanish. You can just ignore the religiosity of it if you choose.
Try to stay astride with the local school district as far as the core of the compentencies are concerned. Teach those first. You'll spend a lot of time trying to figure out your kids' learning style--the strengths AND weaknesses become quite apparent. You'll probably find that your kids pick up on the material faster when they're not waiting on a teacher to corral 23 other kids along with the unit. This gives you more time to learn. My kids love science experiments and organized field trips with other home schoolers. Find a good community of others you can team up with--parents can share their strengths. We have a French Canadian mom who helps teach French and another who is an engineer helping with science.
There is a great opportunity for success and failure--it's all in what you bring to it. The important thing is to keep your kids curious--it's the engine for learning. Public schools can kill that curiosity but an ill-prepared home school parent can underserve it!