I generally think that homeschooling is a terrible terrible awful idea. As you can see, it's usually twice as terrible as it is awful. I don't think there's anything really fundamentally wrong with it -- just that in practice the vast majority of people can not, or simply do not do it properly. Kids need to be learning in a highly structured environment, IMO, all day long. Most people, however, squeeze in laundry, dishes, dinner, grocery shopping, vacuuming, Oprah, Reader's Digest (blech!), etc., along with the home schooling of their kids.
Another problem is the fact that the vast majority of homeschoolers have no qualifications, neither in the subjects they're meant to be teaching, nor are they trained in educational techniques (though, with a certified teacher in the house, this is probably not a problem for RTSdaddy. It's like they figure, "Meh, how hard can it be? I'll just wing it." There may be some truth to that, since the deficiency in effectiveness is probably made up for to a large extent by having a personal tutor, as opposed to one teacher who's time is split between thirty kids. Still, I think this is a common source of problems when it comes to home schooling. Before long, though, the lack of qualification will catch up. Very few adults know how to do algebra, or even pre-algebra. Very very few know the first thing about biology or even, sadly, civics, social studies, geography, or history. By the time kids are into junior high school, they are learning things that their parents have completely forgotten (if they ever knew the stuff).
Some other potential issues revolve around lessons that cannot be taught at home, e.g., how to play and succeed at team sports, how to deal with bullies, how to sing in a chorus, etc.. And recess . . . my god, how are you going to play Red Rover at home?
With all that said, I certainly think that it's possible to homeschool well, and do a far superior job than even the finest private schools. I just think that most parents are not capable of this, and most that are capable of it end up lacking the discipline and self-sacrifice to really do it right.