I am doing a mix of both.  I school my 12 year old at home through a virtual public school.  The curriculum is awesome!  I taught school for 5 years, and this is his forst at home and I can honestly say this is the BEST curriculum ever.  I can choose from activities in each lesson to meet the learning objective.  He can participate in online classes with a teaacher and peers (esp. helpful if he need another explanation of a math concept,, etc) We choose the pace. 
Since it is public school, the computer and curriculum (texts, materials, manipulatives, etc) was free.
opportunities to socialize with others from our school.

No negative school influences - no bad kids, no drugs, no questionable lessons, no exposure to things too early.  Just personalized instruction.
 
Best decision I ever made!  check out www.k12.com if you are interested.  they have virtual schools in several states and countries - or you can purchase the currriculum.