In my experience of 5 (unrelated) families doing home education, I was put off because:
Family one - The teenage classmate had been home educated, and was coming to college for his first formal education experience. He was very politicised about it, and regularly shared his family opinion that we had all suffered for going to school, and that he and his family were part of "Education Otherwise". He actually had AS, so many of his social interaction issues were explained by that, but he struggled terribly, in part because he had never socialised with other children (a family choice rather than a general home education trend, I think).
Family 2 - Four sisters, all home edded, but became quite 'samey' in their ways. They tended to be quite exclusive and self-dependent, which is good in many situations, but when other children get excluded because they are not in the gang it becomes a problem. Although this is not a home ed issue itself, I felt that the girls needed a wider circle of peers, so that they realised that they were not the be all and end all of life.
Family 3 - Mother a very active part of Home Ed group, and children in large family. Whenever anyone asked the children about their education and what they learned, they replied "our passions". When asked to elaborate, we would only get as far as "what makes us passionate". They were bright intelligent girls, but for some reason they were secretive. The Mum was a key part of the home ed organisation, but again was never forthcoming about what she did with them, which was a great shame.
Families 4&5 - Same kind of issues. Families 2, 3, 4 & 5 used to all meet up in the week and when they came to the Sunday group I helped to run, they would invariably have some kind of 'pact'. They would either all echo what you said, or all have an ink stamp which they went around stamping everyone with, or they would all have a particular purse with them, etc. They probably didn't realise that their behaviour was cliquey and exclusive, but the other children in the group were very quickly left out, not in the 'in joke', etc. and as two of the families were large, it was a sizable group of children in the 'clique'.
I didn't enjoy school as a child. But I think that home education is too liberal, and certainly for some children allows arrogance to set in. Some children who are home educated never have their perceptions challenged, because they are raised in a mindset, and continue in it, and never have it contradicted.
As an example, I am a Christian, and to be honest, I don't much like the idea of my child being taught that all roads lead to heaven, etc. but I don't want my children to be brought up in an environment where they think that Christianity is the only faith and never have another perspective to see.
Equally, I don't want them to learn that all people are not nice at the age of 20.
I am sure there are home edders out there that provide their children with a rich and varied education. I just haven't met one yet, which is a shame.
Anyway, there is an essay for you...