I'm ambivalent on homeschooling and it largely depends on motivation. I can absolutely buy homeschooling as an alternative to a poor public school district with no opportunity for quality education. I don't buy homeschooling as a way for parents to hide their children from "the real world" or other more ideological reasons, which from what I see sometimes does happen. This is a bad strategy; after all, in so many career paths who you know is just as important or even more import as what you know.
My guess is that homeschooling will produce both some of the best students and some of the worst, depending on the parent.