I think the aspect of traditional schooling that worries me the most is actually the "socialisation". I find the concept of grouping children based solely on their year of birth odd.
To me it makes so much more sense to interact with others with similar interests and/or abilities regardless of age. I also think it's much more indicative of life after schooling. When a person finishes school and begins their "working life" they will need to interact with people with a range of ages. Home schooling allows children to interact with a larger selection of people and age groups on a day to day basis. I also really despise the bullying and cliques that seems to inevitably occur at school. I know that it can happen in other environments as well, but it seems much more likely when children are grouped based on age rather than ability and interests. I've had the comment made to me before that "kids need to learn how to deal with bullying", and while I don't exactly disagree, I DO disagree that they need to learn that life skill while they are young, innocent and impressionable children. I want that life lesson to be learnt when they are older and more able to understand WHY people bully and to be better able to cope.

Like Heaven though, I think all the positive aspects of homeschooling is the real reason why we have chosen this path.