My wife and I looked very seriously into homeschooling but eventually decided against it for a few reasons:
First, we happen to be in a town with an excellent public school system. While we certainly disagree with the politics of much of the town and the school board, we came to realize that there's far less political influence inside the classroom than we were choosing to believe, and we felt it was a little hypocritical to allow our politics to dominate our daughter's education. And frankly I think it's healthy that our daughter is exposed to and learns to navigate all aspects of the political spectrum, instead of sheltering her with just one (ours).
Second was definitely the social issue - although it wasn't the lack of socialization with her peers attending public schools that got is, rather it was the alternative social resources that turned out to be a deal breaker. We understand that there are a lot more resources out there for home schoolers than there were, 20 or even 10 years ago, but although there may be a lot of them, they weren't very diverse. Looking into those resources more deeply we discovered that almost the entire home school community was based heavily on religious and political viewpoints, and those viewpoints were reflected very strongly in the children involved. While both my wife and I lean heavily libertarian, we have little tolerance for social conservatives or religious extremest, and we didn't want to raise our child among people we felt were racists and homophones.
But we really became comfortable with public schools again when we sat down and reaffirmed that just because we were sending our daughter to school didn't mean we were giving up our role as our daughter's primary educators. Rather, we treat the school as supplemental to our own teachings. My wife still writes a home school curriculum, she just organizes it in tandem with what our daughter is learning in school. We have "lessons" in the evening, discussions over dinner and field trips on the weekend (our daughter also takes a lot of "sick" days so we can do things with her outside of school). I hope we're achieving the best of both worlds, but I am still rather envious of those who are able to home school successfully...