One of my favorite things about homeschooling- besides just HAVING that time with my children, don't think anything compares to that :) - is the ability to work at my child's level. My almost 7 year old is at her level in some things but way above it in math, for example. I love knowing that we can work with her where she's at instead of her working at the level of the majority of OTHER children surrounding her.
The other thing I love is options for when they are older. My hubby was homeschooled (MIL has been doing it for 30 years, having an age span of 20 years between kids and not having started right away with her first). But they all went to college instead of "high school." They started the local community college at age 15/16 or so, had associate's degrees (which cover a GED) within 2 years (when most of their peers were only graduating high school), and bachelors...or two...well before the rest of the people their age. I just think that is SUCH a cool option. I would have loved to be able to do that, myself! Definitely not for everyone, but for those who desire it and can accomplish it, it's an awesome way to go about completing schooling. And OMGosh, they are THE most social family I have ever met. SO friendly, SO fun to be around, SO outgoing...just really cool.
I always felt ripped off at school, socially and academically. I was more mature than my peers which just made for a miserable experience a lot of the time, and I was bored with a lot of my work. My kids are SO much more socialized than I was...in fact, I think that the "forced" socialization of public school worked opposite for me. I'm naturally an introvert, and I have been "scarred" by more situations growing up than I care to remember, and they've really affected me even in my adult life. Hindsight is 20/20...and while I know my children aren't my clones, at least I am aware of more things now than I would be otherwise.
As for scheduling, mine are still younger, but we follow a lot of the Charlotte Mason method. Shorter lessons (20-30 minutes per subject at this point), but I always adjust to where the kids are at. We won't stop if they are having a lot of fun and want to keep going, or sometimes we end a little sooner if they have zero attention span left. I also try not to stick too strictly to anything, because while a schedule-down-to-the-minute works best for a lot of families, with ours (I find the farm being the biggest aspect, but hey, that's a whole subject in itself!), if I don't allow lots of flexibility (even going WITHOUT a schedule many days) then we are more likely to fall behind and get frustrated. Thankfully I really love the unschooling approach (not enough to follow it exclusively) and I feel like there are so many ways to engage and teach my children things they need to know!
But anyway, that's where we are at with homeschooling!