This is something that me and the OH are going to knock heads over...we're expecting our first child and it's already come up in conversation!
I went to state schools, onto college and got a HND, which I used to become self-employed (I worked part time too). Then I went travelling, moved countries and stopped being self-employed due to some serious constraints. I have been in some form of employment since the age of 16, and now we're expecting, I don't imagine I'll be working again for a while.
He went to private/boarding schools all over the world (Asia, Europe etc) due to his father's job. He went to uni to study law, but dropped out, spent 10 years as a 'city boy' (his words!), earning a lot of money, before he had a nervous breakdown and abandoned that lifestyle.
He would like to send our child to a private school, I wouldn't. I really can't see what benefits it has bought him or his siblings over me and mine. His brother has only just moved away from home (age 32) and his sister is a teacher. I have a lot of siblings, but the ones who are grown up now - two went to uni (and were very successful!), one joined the army and one got pregnant very young and is a SAHM.
I don't really see the benefit in sacrificing so much, for what appears to be very little gained back.