I home schooled both of my children at different times. The oldest hated school and begged me over and over again until I finally consented. Now she is thirty and doesn't remember having harassed me to do this and comments how much she "hated" being home schooled! On the other hand she was way ahead of her peers in her learning skills and still has a very clear view of the world we live in which I can't say holds true for most Americans.
My youngest son was home schooled for a few months when I yanked him out of 5th grade due to a terrible teacher who yelled at him constantly and, as a result, he started to get terribly behind in his language arts. This was the problem area between him and this teacher who assumed that because he excelled in math that he was just "blowing her off" when it came to writing reports etc. The principal was no help at all and after talking to many other parents who were having very similar problems with this teacher I eventually gave up and pulled him out of class.
We spent the last few months of school and part of the summer catching him up and giving him a good handle on what he would face come Fall, then we re-enrolled him for 6th grade. This worked out perfectly! He was/is a very social person and needed the peer interaction so permanent home schooling would have been tough for him, especially since I knew of no one else in our area that home schooled. He went back to 6th grade in the same school (with a new teacher and a new principal) and had no further problems.
My advice about home schooling is...
#1 Don't try to home school and work at the same time (no matter how much the older kids promise to faithfully work on their paces). It may work at first but it will not last!!!
#2 If you are home schooling for an extended length of time (more than a few months) get your child into other activities that provide socialization for them.
#3 If you don't have any experience as an educator, take some classes! It's not true that "just anyone" will make a good educator.
#4 If you are not a patient person to start with
Don't do it! Children require a lot of repetition to learn well and sometimes when you feel like nothing is working they will all the sudden "get it"! If you lose your patience, however, they will "shut down". Nobody learns well in a negative environment.
#5 Try a program that uses computer-aided tasks and has on-line support for you and your child (make sure these programs meet the educational requirements for your state). You will avoid having to write an entire year's worth of curriculum only to discover that your child is not meeting his/her grade level requirements. You can always supplement these programs with your own lessons.
#6 If you are still not sure about home schooling you will probably have a harder time with it since it takes a lot of energy and dedication to home school. On the other hand you get to control your child's environment, keep them safe and give them a much higher quality education than they might get in your area. I did thoroughly enjoy being able to spend more time with them when they were young (though often it can be hard to resist turning every moment into a "learning lesson"). So there were many positives.
#7 Make sure you give your child a chance to express his/her feelings about how home schooling is working out for them and be open to changing your decision if either of you realize that it is just not working. There is no shame in either decision!
Good luck, whatever you decide!