After considerable debate, my wife and I decided to homeschool our children (2nd and 4th grade now). Somewhat surprisingly, kindergarten was the hardest by far. There are definite advantages to homeschooling over the public schools, and IMO, it is relatively easy to manage around the disadvantages, especially in those elementary years.
Our decision to homeschool started out as a simple choice to educate our knowledge-hungry 4-year-old who was born in October. She couldn't enter the public schools until the next year, so we decided to try homeschooling. If it worked, great, if not, we'd have a really smart kindergartener. All went well.
The pros and cons for you will depend on you and your family. Things such as motives for homeschooling, the personality of your child(ren), the personality of you and your spouse, and alternative social environments available (YMCA, scouts, social groups, church/synagogue, neighborhood friends, etc.). This has been a good decision for us so far. In our experience, the curriculum you choose is a bigger issue than the social aspects. We learned that a "second grade math book" is not the same across the board. You should definitely research what is best.
At this point, we actually enrolled our kids in what I call a "homeschooler's half-way house". It is a private semi-homeschool, where the kids attend on Monday and Wednesday, but are homeschooled the other days. There is a teacher who sets the curriculum and has the lesson plans, etc. This setup provides the best of both worlds and provides accountability for what the kids are learning.
I hope this helps a bit.