I taught my son for two years before he went onto secondary school, and my daughter is now at my school, although I've never taught her. I love seeing them around the school and knowing their friends. It's great knowing what and whom they're talking about and for us it has been a really positive experience - so much so that I've delayed applying for deputy headship as I want to see my daughter through to KS3. It's great when they're a bit under the weather, or they've got friendship problems, or are struggling with a subject, because you can keep an eye out and it's easier to help them. The only problem has been sometimes at events I'm attending as a Mum - I often find myself having that weird "friendly-professional-small-talk" thing that you slip into at school fairs etc, rather than focussing on being my children's mother. Both of my children hate that, but you can't just ignore your pupils or their parents when you bump into them.
I can honestly say that my children have never had any stick from school friends, possibly because the Head and some of the Teaching Assistants have children in the school, even though I am one of the teachers that children are sent to for a "firm talking-to". I've never had any adverse comments levelled to my face by other parents - although, like every other teacher, I'm sure I've had my fair share of insults levelled against me when I'm not there! You obviously have to be particularly discreet at home, which is sometimes difficult when you've had a hard day, but on the whole, I think that the parents appreciate that your children are under the same regime, for discipline, uniform, homework, INSET days etc etc, as theirs.
I love it, and although it happened almost by accident, I don't regret being in the same school as my kids. It might be different if they were badly behaved, though!