This is an interesting article that has been making the rounds in homeschool circles: 18 Reasons Why Doctors and Lawyers Homeschool Their Children
One issue she raises that I find is definitely true is the ability to get more sleep. Because I am a foster-mom, I have had two children in traditional school this year (one in high school, one in pre-school - foster children have to go to school). One thing I certainly have not missed the past five years was the morning need to get up exceedingly early to get everyone up, fed, dressed, and out of the house for the morning commute.
Fortunately, given the age of the two I have in school, lack of sleep hasn't been a real issue for anyone but me (and, well, I have a toddler getting me up exceedingly early anyway, but still, on the rare days she graces us with sleep, it would be so nice to be able to stay in bed). The high schooler makes her own hours (although she is not a morning person and makes up her sleep debt on the weekends) and the preschooler goes to bed early enough to be able to wake up early. But, I know that this is a HUGE issue in the elementary years. There just isn't enough hours in the day for after-school activities, dinner, and homework. Children get to bed too late to be able to get up as early as they need to in order to go to school. That low-grade constant sleep-deprivation adds up and negatively impact attitude and cognitive ability.
Just one more reason why I am glad that I homeschool.