Given the current field I work in, I've seen enough to give me an unfavorable opinion of this practice. I've seen kids who really excelled and turned out alright, and I've seen even more who were undoubtedly smart but seemed poorly socialized, and then I've seen kids who would have been better off overall in an actual school. I'm not against the idea in principle, but there needs to be more rules that cover non-academic performance.
Socialization can happen outside school. In fact, with homeschooling, it's probably more likely to happen outside school with the more flexible schedule.
And parents have to
make that happen for younger children, something I'm not sure I trust will occur consistently. Plus, the older you get, the harder it can be for some people to fit in as a stranger. It's easier in school when everyone is there for a reason and as a result end up mingling quite a bit. What you are saying here might be one of the "best case" scenarios.
Homeschooling might also be best for children who are naturally introverted. Introversion is a good thing, not a disease to be stamped-out like left-handedness.
I'm sure it would work for some people - not everything is black and white, but then you have to have a way to know exactly when a child might benefit most from homeschooling and whether or not the child's family can adequately provide for such.