It can work wonderfully, and it can fail dreadfully.
Same as public schools, or private, or just about anything.
When was the last time I did algebra? The other night when dealing with my checkbook, other than that, nothing to difficult since highschool, doesn't that suggest that maybe it isn't all that important? (not that I plan on skipping it, but I also will not fret if it is not so easy for my kids, there are other needs in the world)
When was the last time I had to worry about 'diagraming sentences'? not since 8th grade, might have been a bit of a waste of time mightenit? (ok that I will skip, though I will do 'parts of speech and all that')
Socially? I was homeschooled till 8th grade, I managed better than some and worse than the 'prom queen' but come to think of it, I wouldn't have enjoyed being the prom qeen even if I knew how to do it.
Oh, on that subjects I don't have intimate knowledge of, who says I am the only one teaching my son? Not only does he live in the 'information age' but honest I am not friendless, I have a few freinds who know more than me in many areas (umm make that most of them

.) Why can't I get them to help me teach my kids? Homeschooling is not limited to mom or mom and dads knowledge, it is limited only by the imagination

.
I tutored a kid awhile back, she was 'traditionally schooled' in College at the time I worked with her, couldn't 'Do math' simple stuff wasn't easy to her, I thought it was a piece of cake, not because of my schooling, because of my 'math brain' minor talent there. Not everyone is a 'math' kindof person, and not everyone finds spelling to be such a pain, urgh and English? I know starting every sentence with the same word isn't proffesional, but for the life of me I have not the imagination to 'vary my writing' must be why I am not a writer for a living!!!! People have different skills, we can shore up the deficiencies, accentuate the positives, and hopefully find a job that fits what we do best. (or we could suffer needlessly for not all being the same)