There is some potential in the homeschool movement IF the parents are knowledgeable, open minded, and can truly point their children in the correct location.
The education system here in the U.S. has been getting worse and worse. I think it like so many things may need to collapse before people will consider replacing it with something else.
I have no definite opinion concerning homeschooling. It is good to give a complement to what is taught at 'normal' schools, but it may be complicated to replace it entirely as parents may miss some expertise about varied topics. Of course, they can learn, but this deserves time and commitment (that many do not have) :)