I plan to homeschool because we live on the road and are only in one area 2months-a year or so depending on the job. As far as socialization goes, I plan to let her try and join any extracirriculars she desires. Another factor is that the world is a very scary place these days even schools.
The cons can be just as important, in my opinion. It can be difficult depending on the dynamic you have with your child, to maintain the teacher role and the parent role. It can be costly to start up as far as supplies go, but once you have those supplies you can use them for subsequent children. A very valid con is that it's just not something you are interested in pursuing because of your own personality.
It all boils down to what works for your family.