Worked for me!
I was homeschooled from kindergarten through high school. I found it to be a blast. I have a deep and abiding love of learning that was only dampened slightly by college study. Personally, I think the customary 12 years of formal schooling would have crushed this tendency completely.
About socialization: Every time I have ever discussed homeschooling with an adult, the question of socialization has come up. It's very odd, from my point of view, that lack of socialization is cited universally as a 'drawback' of homeschooling without a shred of evidence to support the idea that homeschoolers are deprived of interaction. A recent article in Mothering magazine even mentioned a study that found homeschooled children to be more socially advanced than their non-homeschooled peers. I do not believe positive social skills are gained efficiently or reliably from a half-hour of recess each day, within about six hours of sitting and being permitted no interaction except with a teacher. I was involved in many outside activities with people of all ages, and do not feel that school would have enriched my social experience or advanced my social skills at all. Obviously, children need socialization, and parents should pay attention to whether their children's social needs are being met, and whether positive social skills are being learned. I do not believe that any form of schooling is capable of accomplishing this. It has to happen outside of school: perhaps in the neighborhood, while involved in extracurricular artistic or athletic pursuits, or while volunteering. Parents should be aware that this is a responsibility of theirs regardless of where their children are educated.
Now, with regard to academics and my experiences following homeschooling:
I was never enrolled in any classroom-based school until I went to college. Although there are many ways for a homeschooler to get a high school transcript and diploma, such as
www.clonlara.org , where my older sister received high school credentials, I did not bother with that.
I just enrolled in the community college at 16 years of age, told them I was homeschooled, and took the placement exam. After one semester there, I took the SAT (using the high school code corresponding to "Home School") and the GED just for good measure. I got an 800 (out of a possible 800) on the English and 690 (also out of 800; could've done much better if not for working too slowly in one section) Math for a total score of 1490* on the SAT.
With that and another 3 semesters of community college in their Biology program (GPA 3.92 out of a possible 4.0), I applied to an Ivy League university. This was at my awesome advisor's suggestion based on my enthusiasm for education, my grades, and my interest area.
There I earned a B.S. with honors in my chosen field, as well as meeting my future husband. Tuition was covered about 10% by the amounts paid at the time of study by myself and my parents; 45% by grants; and 45% by student loans. My (and my family's) lack of ability to pay up-front was not an obstacle at all. I hereby beseech parents everywhere not to worry about the cost of their children's college education, nor to discourage their children (if they are committed enough to graduate) from applying to good universities because of the cost. The quality of education offered at the best universities provides so much opportunity for graduates that it more than compensates for the loans incurred.
After graduating with my B.S., I applied to ten other universities (selected for their reputation in my chosen field) for graduate study. I was accepted to all of them, and was flown out, expenses-paid, to see several of the campuses and get a feel for their academic programs prior to deciding which one to attend. I earned an M.S. at the graduate school of my choice, with an assistantship (a very common offering of graduate programs) that covered my tuition, plus a monthly stipend that covered room, board, and all living expenses. Student loans from my B.S. studies were deferred until 6 months after my M.S. degree had been earned.
By then, having lived my whole life up to that point in the Northeast and Midwest, I was fed up with cold weather, so I applied for a job opening in Hawai'i, where I and my husband are now living.
Overall, I think that homeschooling has not had any drawbacks for me and has given me many benefits, not the least of which was completing my M.S. at 22.
I am a proponent of self-determination for all humans, especially children, and do not believe they should be kept from a formal school if that is where they prefer to be. Conversely, I consider it wrong to force children to attend school if they do not enjoy it. As far as the eventual "consequences" of home education, however, I personally rate it far above private or public educational systems.
My siblings did not choose the same level of higher education as I did. My sister earned a B.A., one younger brother has an A.S. (both graduated 1-2 years "early"), and the other younger brother has just begun college studies. They have not encountered any educational or social obstacles related to our having been homeschooled; combining this fact with the universal envy of our peers, I think they would rate their experiences as successful also. My sister worked in her chosen field for a time, is happily married, has children, and now freelances in the same profession. Younger brother #1 is living in his own apartment with his g/f and also working in his chosen field. Younger brother #2 is an athlete as well as attending college at his own volition (and cost - we all worked summers to pay $3000 or so per year toward tuition; my parents paid what the FAFSA application process estimated as their contribution).
In short, from my experience, homeschooling fosters success. I plan to unschool with my kids - unless they have other ideas.

- kaylee18
*Note: I list my SAT scores and community college grades for two reasons: to demonstrate that schools do not have a monopoly on education, and to illustrate the fact that if you choose to begin higher education at a non-ranked non-university college, it is absolutely necessary to get very high grades and high SAT scores if you want to continue your studies at a ranked university. Community colleges do not offer anywhere near the intensity or quality of education that is available from an Ivy League university. Although starting at a community college worked out for me, I would not have started there if I had it to do over. Instead, I would have taken the SAT, then applied directly to four-year universities, and would have attended the best one at which I was accepted.