Positives: you get to spend more time with your child, you get to choose what to teach them and when they get older they can choose what they'd like to learn about, in some areas it's less expensive.
Negatives: You spend every waking moment with your child (haha don't get me wrong I love my children, love having them home but I need some me time once in a while), curriculum can be expensive, some people will not agree with your decision to HS.
There are definitely more examples of both and I'm sure you'll get more comments. I love home schooling and have been doing so for 4 years. I love knowing that when September comes around I don't have to send my girls off to school for 8 hours a day. What ever you choose for your child will be your best decision and only you can make it, it's great that you are considering to HS. The only way to make a good decision is to ask questions and this is a good start to get some answers.
Homeschooling affords us the time to be with our kids in ways that only being with them can happen. Learning things together is an awesome feeling that you don't ever get any other way. You build bonds that are through a lifetime and beyond. Homeschooling allows for you to go at your own pace. Whatever that pace may be. Fast, slow or in between. If you find a special interest, you can research to that end. If you want to go on vacation or have a family affair pop up, homeschooling is so versatile that you can take it in the road with you wherever you need to go. Homeschooling allows for individuality instead of catering to the general crowd. Homeschooling allows for you to change a curriculum or program if you find it is not suited to your child's specific needs. Homeschooling can be as expensive or inexpensive as you wish or want it to be. With homeschooling, you do not have to expose your child to the incessant bullying or negative behaviors of the other children. Your children will be less likely to learn a slew of words that you would rather them not learn. There are more opportunities to take field trips to places of interest to your child, you and the whole family. Homeschooling allows the family to start at the best times suited for everyone. Not everyone has to go at the same start every time.
Homeschooling allows for YOU, the parent, to be in charge of most everything your child is exposed to.
My next door neighbor's kid is really a "good kid" inside, but some of the things he does and says really shock me.
The pros of homeschooling can also be the cons. My kids ARE a little different than public schooled kids. In some ways that's wonderful... but at other times, they feel a little uncomfortable sometimes around their peers. They have friends, though. In church, in homeschool groups and classes, and just in the neighborhood.