I'm late to the party, but I see lots of great information has been offered. I'll try not to be redundant. I have just a few additional comments.
1. Terrie Lynn Bittner has a great book for parents who are not sure if they can handle homeschooling. She's a fellow editor at bellaonline, and I am ashamed to say that I hadn't read her book until recently. It's really well written and has tons of suggestions. Terrie is so kind and gentle; she really understands newbie fears and how to combat them. Her kids are quite gifted too.
2. Many libraries have homeschooling books on the shelves, where parent resources are located. Don't go spending a fortune before you know which books resonate with you.
3. I homeschooled one child into college and another is dabbling in it now. We're not clear on when he'll go full time, but if money wasn't an issue, it would probably be sooner rather than later. Homeschoolers are absolutely getting into good colleges and succeeding. The MIT website even has a special blurb for homeschoolers.
4. Homeschooling is a blast. There are bad days, to be sure, but they are far outnumbered by the good days. I tell my kids often that I feel so privileged to be able to be home with them like this. When our oldest was in public school, we had the worst part of him most days.
5. Today my four year old was begging for me to read more of The Aeneid. How cool is that?
