We do not yet have kids, but my wife and I were both homeschooled for periods of time as kids, and we plan on homeschooling.
Given the facts that:
1. We are smarter than the average schoolteacher
2. We will care more about our kids than any schoolteacher
3. We won't have to divide our attention 30 ways
4. We will get them for the whole day, rather than in short blocks for different subjects
I think it's painfully obvious that my kids will receive a better education at home from an intelligent, motivated, loving set of parents who make this choice for the betterment of their kids. Roboto posted studies that show the facts bear this out. So that's what I will do. There are massive amounts of fantastic resources available for homeschooling parents these days. There are coops and private schools that teach subjects the parents may not be well versed in. Let's not pretend that the only reason to do it is so you can shelter your kids from the real world and teach them that Jesus rode around on a dinosuar clubbing gay people. Practically speaking, many homeschool kids get a better education than those who go to the public school system. Things like reading, writing, and math.
Homeschooling is not for everybody. It's a lot of work. If the parents aren't committed to it, the kids are probably better off at public school. I think public schools are fantastic, because not every kid has two parents. Many kids don't have parents whose work schedules even make it possible. Many parents don't think they can do it. Many parents really, really want a babysitter for most of the afternoon, and public schools are a great babysitter.
Homeschooling requires a huge investment in time and some investment in money on top of your taxes funding the public school system, but some are willing to do it because they think they can do better by their kids than the public school system. Good for them.