We homeschooled our kids up until recently. We pulled my daughter out of school during kindergarden when we realized she had a problem (turned out to be dyslexia) and was not getting any attention. We put them back into school when my two oldest were 5th grade.
The reality is that homeschooling is just like any other situation. It can be great or terrible depending on how its executed. I do not believe it is inherently good, nor do I believe you have to have a teachers certificate to do a great job. The amount of material available now, especially with the internet, makes teaching extremely easy (hard work, but not complicated). The benefit to homeschooling is that you give your kids direct attention the entire time. Regardless of their strenghts or weaknesses, you can focus on that.
One of the impacts, I won't say negatives, is that homeschooled kids are socialized completely different than school kids. Depending on who you are, you will view this negatively or positively. However, for some people, this is a strength of homeschooling and one of the reasons they do it. It isn't that they don't have social skills. The people who are homeschooled that aren't social would be just as anti-social if they were public schooled. It is just that they don't experience the same enviornment. Homeschooled kids interact with adults (not just parents) much more often than school kids. School kids mostly interact with adults as authority figures and they learn their responses to that from other children. Homeschooled don't have the experience of school, where the teacher has 30 kids, the principal has the school full, the PE teacher teaches 5 classes, and in each of those cases, and they don't have time to build "friend" relationships with every kid. Homeschooled kids build those relationships with adults and don't develop the stand off that a school kids gets. This is not an issue for many, and by they time you reach adulthood, the differences are not a problem, but when they mix while young, it can be noticable.
Homeschooling is a ton of work, and you have to dedicate yourself to do it. On the other hand, it can address a long list of issues that matter a good bit to many people. (political, religious, culteral, or environmental) We liked homeschooling. We chose to move back into schools because of several factors, one of which was that we moved into a very good school system. Our older children requested to try school, and they like it. (another benefit of homeschooling, my younger children were not homeschooled, and they hate school)
Just realize that being a homeschooler does not mean your kids are smarter, nor does it automatically make them more educated. It also doesn't mean the kids are automatically anti-social. Every homeschooler I know whose kids are not social, its because the parents chose to live that way and the kids are given a controlled environment on purpose. Comparing the two, having done both, there are a lot of cases where I wonder if they aren't right.