What I've gathered is that based on the same socioeconomic factors, public schools in well-heeled neighborhoods do just as well if not better than private schools in well-heeled neighborhoods. And now thanks to NCLB they are basing their curriculums around state exams, and some do really well on them!
As a public school alumni, I've seen really poorly run and well run private schools. For most things they stack up equally to public highschools. The difference in parent involvement makes a hell of a difference. When it's your own money on the line it takes on a different aspect than dropping junior off at the gate.