An interesting post at New Covenant discussing the increasing acceptance of home schooling in colleges.
In my opinion, the whole accreditation system is coming crashing down thanks to the fact that you have home schooled students (who, obviously, come from unaccredited schools) who are going to college and doing well, and way too many functional illiterates graduating from accredited schools.
I was exhibiting at the Indiana Home School Conference a few years ago, and in the booth next to me was a booth for Indiana University/Purdue. During a slow time, I went over and said, "It's interesting that you are recruiting at a home school conference." He grinned and said, "Oh, we've seen the data."
He went on to explain that home schooled students do very well in college, which explains the fact that now numerous colleges can be found recruiting at home school conventions.
The major reason for this, I think, is that home schooled students are generally well-read--more well read than the public or privately schooled peers--the reason being that they simply have more time for it. They're not having to suffer through all of the wasted time that fills the shedule of the average day school.