As John points out, home schooling, when you're got a good community to do it with, can work great. One of my former grad students was a Mormon with three kids, and his wife was their full-time care-giver/teacher. He talked at great length about how the community would come together for things like science classes, including trying to get access to real high school labs.

In his opinion, the big benefit of home-schooling was that you could pace the learning directly with the student's needs. If they can go fast, you go fast. You don't need to saddle better students with make-work, and you can spend the extra effort when there's confusion.

I'm entirely sold on home schooling... except that it's completely infeasible for my own situation. Also, I'm freaked at the thought of teaching college freshmen because they don't know very much yet. Teaching high school or lower just wouldn't fit me.