I'm very deep in the "it depends" pool. I've known several people who were home schooled in my life and sometimes it works out and sometimes it really doesn't.
In one case, I knew a brother and sister who were home schooled because their parents felt public schools brainwashed children. The mother was left up to teach, but in fact wasn't a very educated or worldly person. It was pretty obvious the sister (who was home schooled her whole life) was far behind, education wise, where we were at that age. She had no social life and really didn't have any real idea how to interact with people.
But I've been a pen pal with a girl who's family lived up in the mountains and the nearest school was very far away. I don't think could get any sort of public transit to and from school. She was very well adjusted though and her parents were able to give her a proper education. She went on to become a nurse.
I even had a night school teacher tell me she home schooled her own child. She felt that she could give him the best education.
When I was growing up, I was bullied and teased a lot and always wanted to be home schooled. In the long run though, I think being forced to go to school and deal with people helped me, otherwise I think I just would have stopped interacting with people.
So, it really depends on the parents and the child. I think in some cases, like when the nearest school is still very far, I can really understand. But I think in a lot of cases the parents are just not educated enough to be able to handle the job.