anything "done right" is lovely. An in-school education "done right" is perfectly sufficient for the needs of most students. After all, as you said, most student don't really have the drive to learn more than necessary. Do you think putting them in an at-home individual setting will suddenly make them want to learn geometry? or make history more interesting to a kid who only wants to dig worms out of the soil? Yes, you do have more ability to focus on what the student is good at, but you still have to teach the "boring stuff". Not to mention that no parent (or both parents) can possibly answer every question a student has, or explain a concept they're not understanding, or provide them with the resources to research every question on their own. Home schooling is far from the perfect little wonderland of individual attention. Yes, done right and with the right resources and "teacher", it can be more effective than public schooling in general, but that does not mean it is better than usual schooling from a practical stand point. An actual school has a pool of resources and knowledge to readily draw upon in a single building. A home schooler being taught by your run-of-the-mill stay at home parent cannot equal that, and certainly not as easily.

Also, please note that I'm not arguing PUBLIC school vs home schooling. I'm arguing ALL in-schooling vs home schooling. If I gave the impression otherwise, I apologize.