We seriously considered it. A lot of our friends home school. I really thought hard about it with our youngest. But, she insisted she wanted to "Go to school and sit in a desk and read." I taught her to read before she turned three, but she loved school so much. She has Asperger's Syndrome, so for her, the social aspect is really important. It's social, but in a fairly strict, planned and predictable environment, so she actually does better socially in school than she does in more free form situations.
We continue to educate our kids at home, even when they go to public school. There is a lot schools don't teach, everything from the intricacies of Evolution to String Theory (which my 11 year old can tell you more about than I can) to politics. I even still read to my kids, when they let me.
Even My Man (who hates to read) will sit and listen when I read out loud to the kids.