One thing nobody has yet brought up in this thread....
But first, this word from our sponsors: I was homeschooled 2nd-7th grades, I loved it and I learned a lot more than I would have at school. I still remember kindergarten and 1st grade, doing the same things over and over and over and over just because. Bleh! Home school was four hours a day, I could do six hours one day and two the next if I wanted, and P.E. was after school in our front yard. When my parents divorced I was put back in public school at 8th grade, but my reading comprehension tested at college sophomore level. My mother did the BEST field trips too!
(The Memphis Children's Hands-On Museum rocks, by the way.)
Now back to the as yet not addressed point. My pastor has his son in public school because he believes christians are to be salt and light in the world, including in school. He maintains if we take christian kids out of public school it will be a detriment to the atmosphere in said public school. I must say his son seems rather morally and spiritually strong. There have been some conflicts, mostly in regard to football practice on church nights, but he has never missed a church service and he is still on the team. (Of course this is southwest TN, in the Bible Belt, so the coach is more understanding than perhaps some in other regions would be.)
Basically it should come down to an individual, case-by-case decision for each kid. Do you think your child will be a good influence in the public school in your area, or do you think the school will be a bad influence on your child? Do you think you will be able to get the child to do the home school work or do you think you will let it slide? There is no good answer that will apply to all children, and the same child might need a different answer in a different region, depending on what kind of school and what kind of kids.
OP: As you definitely know your kids better than we, I can only wish you the best of luck with your decision. But I gotta say I loved home school.