I think that you need to consider whether or not you can offer your child more of the things that he will value than the school can. When I was growing up, the public system gave me much more than my parents could have given me, and I am grateful for the things I found out about from my teachers and from the system. My parents lived in a very narrow and conservative world, and at school I learned about things like feminism, tolerance, environmentalism, and art.
Our local school is a French Immersion school. It has a very good reputation for both academics and having a good social atmosphere. I am also strongly drawn towards homeschool, but I do like the things that my daughter is enjoying at her school. The foremost advantage is that she is learning French. She is well on her way to becoming bilingual, and that is quite important to me. She is a very outgoing person, unlike me, so she gets a wider view of the world at her school than she would if she were at home with me. (I don't think that this is true of families who homeschool, but it is true of our family.)
If I couldn't find a school that I felt offered something better than what I could give my children, I'd keep them home. As it is, I believe all parents are home educators, and that the time we spend learning together complements the time my children spend at school with their teachers and classmates.