My sister chose to home school her kids (she has 5). Public schools in her area are a bit on the dangerous side, so that was part of the motivation behind deciding to home school. Her kids are all very bright, well adjusted, have great self-esteem and are very creative. They belong to a church and participate in several activities there, as well as having several friends/family with kids - so socializing is not an issue.
Some advantages are the flexibility - you control the schedule so if your family wants to take a day off from school to do something, you can. The kids can work at their own pace, which is beneficial for them developing their learning styles - they don't have to feel like they are going "too fast" and get bored, or like they are going "too slow" and may feel there is something wrong with themselves not being able to keep up with others. They can be okay with their learning pace without pressure.
Some drawbacks are (1) physical education - as home schooling doesn't have any formal physical education classes like many public/private schools, you'll want to include some activity to supplement that. (2) You as the teacher needs to learn the topics enough to teach it to the child - for some this is a difficulty. There are many organizations nowadays that provide reference materials and support forums to get assistance compared to a couple decades ago, so as long as you can get a support system for yourself to push through difficult subjects, that should be fine. Example - there are occasions where my sister will get stumped on a math question and forward it to me for an explanation as I was our family "math whiz" - and I'm always happy to help when needed. (3) Both you and the child need to be focused and get into a routine - in order for school to work at home, it's similar to telecommuters for work, you need to set up a schedule and location to consistently "hold class" to allow both of you to remain focused on classes and not be distracted by too many outside things.
Hope this helps.