My husband and I both work, but even if we didn't I would not homeschool, because:
1) My daughter's very extroverted and school is a great outlet for her. She has a complex web of friendships. I had a hard time in school socially, but she's not me and she doesn't.
2) She's an only, and it's all too easy for her to be the special special princess focus of our attention when at home. I don't think it would be healthy for her to have an adult sitting home with her throughout her childhood pouring a spotlight of scrutiny and attention on her even more than we do!
3) I think that relationships with adults other than the parents are healthy for kids as they grow up, and give them a wider view of the world than they would get just from their own parents. I'm a highly opinionated person, and I don't want to "indoctrinate" her -- I want her to see the world from other perspectives than I see it, in addition to mine. Mary articulated this better than I could, in her post.
4) When kids and parents inevitably butt heads, I think it's better for kids to have their education not tangled up in that relationship dynamic.
5) I want her to be part of a wider community,to see herself as connected, without my driving her around and arranging that.
6) Her school is good and so far her teachers have been great. She's thriving there. ARe there things I don't like or would do differently? Sure! But on balance, it's been good for her.
So, those are my reasons. I'm completely confident that were we to homeschool, she would come out better educated than she would from public school alone -- she's already ahead of her class (although they're putting her in an accelerated class next year, which may help). But it's not like she's being educated by school alone -- we go to museums, read a lot, look things up that we're interested in, do art projects. School is only part of her education, but it's a good part, at least so far. She really doesn't need one-on-one instruction to learn arithmetic or how to make a bar graph, so learning it with her class seems like the most efficient way.
Some of the homeschoolers on this site are obviously doing an amazing job and their stories about their day-to-day lives sound wonderful. I do sometimes fantasize about staying home and creating this incredible educational environment where we go on nature walks and learn calculus together and plant gardens and, I don't know, write sonnets, while I sneak in an hour here or there to write a series of bestselling children's novels; but given the realities of our family, school is by far the better choice.