Homeschool is not for everyone, but I've been pleasantly surprised by how well it seems to work. We have a few friends which unschool their kids but I don't notice much difference between the unschool kids and the more traditional home school kids.
As a father who goes to work and leaves most of the day to day schooling to the wife, here's some things I've come to find out which I didn't know about before we started home schooling.
Home schooling is probably more expensive then going to public school since you end up fronting the cost. However, it's nice that you can make your own schedule and not worry about some random gov. test that everyone has to take (i.e. you have more freedom with the curriculum and to go on trips).
The "sit down with workbooks" schooling only last an hour or two. sometimes the kids get into it and work on math for 4 hours straight (who would of thought) and other times they only get through 1 page in 20 min. When they get into something we try to take advantage and feed them all they will take in.
There are many organizations and events dedicated to home school. We belong to the Sonoma County Home School Association and have a lot of interaction with other home schoolers. In addition, many sports facilities offer home school discounts while regular school is in session (i.e. gymnastics and the roller skate place come to mind). I was concerned about the kids not having enough social contact but between all their sports throughout the year (gymnastics, soccer, baseball, ballet, tennis, golf), their home school groups (4H, violin), and their regular kids groups (cub scouts), that concern has been put to rest.
There are many labels for different kinds of home schooling, but rarely does anyone practice only one type strictly. There's also many different reasons people home school. My wife and I both hated going to public school (hours of B.S. in my opinion) but others may do it because of religious or other family reasons. I personally like many of the unschool ideas, but feel that there should be some structure so the kids can function in an academic environment; but that's just me and who am I to judge others. We'll go on trips and put away the books for a week or two and instead take more of an unschooling approach and just focus on what the kids want to learn (say geology if we go to some volcano). You'll find that the kids can come up with some very good questions which you then can follow up on for the next day or two.
Homeschool becomes a 365 days a year event. There's very little concept of "going on vacation". That said, we don't do much school on the weekend unless there's a learning opportunity to be had while we are out and about. It's a different way of learning then what I was taught; you are always looking for teaching opportunities instead of trying to manufacture them for 6 hours a day.
Anyway, I could go on but so far it's been a very positive experience in our family. My kids are under 10 still, but we've meet many teenage kids which have gone on to universities (Berkley, Stanford, Sonoma State, etc...) and didn't really seem to have any issue getting in. Seems like to get into a university you take the SAT and get your diploma equiv (not the ged); many don't seem to penalize you if you didn't go to public school (that' just secondhand observation on my part).