Providing that the student is actually being educated properly at home:
1. Student can move at own pace
2. Flexible schedule for family
3. Cheaper - no school clothes, fees, supplies, etc.
4. Useful for students who are focused on an activity such as gymnastics, figure skating, etc. and put in long hours of practice.
5. No limits to creativity
6. More one-on-one attention and immediate feed-back
7. Expanded curriculum
8. Can sleep in!!! LOL
You didn't ask for the shortcomings of home education, so I won't go there!