Great responses! I have sent my children (three, ages 16, 14, 8) to all three types of school (except home school), public, private and parochial. We started our son in private school in Memphis, it was a small Lutheran school that we LOVED. Transfered to NC and enrolled him in public school and it was horrible, the teacher was "suspended" his classroom was split with two others, etc. Enrolled him in 2nd grade at a small Catholic school and it was much, much better. It was a small military town but the parents were involved and for the most part it was a good choice.
Moved to CT and enrolled my older two in a small Catholic school that had strong teachers and some real stinkers (Having been a grade school guidance counselor I kind of know what to look for). Supplemented my younger son's lessons in second grade since his teacher was marginal...overall a good experience.
Moved to Boca and dived in head first with expensive prep schools. All three went to very pricey private schools. Advantages: teachers have less students which equals more attention. My middle child and youngest thrived in pre-school and 4th grade since the class size was literally 12 to one. Great group of children, nice parents, family atmosphere. My oldest, however, was in junior high and the school was not strong in that area. We moved him to a larger prep school where he played sports with famous people's children and everyone was flashy and entitled. Administration played favorites with the children of the school's biggest donors and most famous parents. Large staff turnover because the simple fact of life is that private school teachers get paid MUCH LESS than public school teachers. One of the main advantages for private school teachers is getting their own kids a free or heavily discounted education. Anyhow, the school was incorporated into a for-profit corporation and I felt it took the soul out of the school.
Our youngest won the lottery for the IB elementary program that teaches spanish and french, has uniforms and has the highest test scores in the state. My middle one got in to the middle school of the performing arts with a 45 million dollar new campus and and A rating. We sold our house and moved to the best high school district and our oldest is in public school.
If anyone is still hanging in reading this very, very long post

THANKS. Bottom line, take your child and his individual needs, strengths and quirks, look at what is available to you and go with your gut. Money does not always buy happiness because there is always someone else out there with MORE money...and public schools are not always the best either.
For those with little kids/babies, wait and see what your child needs and where you are in life before deciding one way or the other. I have loved all THREE ways, private, religious and public. There are infinate factors.
You will have other "things" to do with your kids if you save on tuition $. One of the best perks of going into great public schools was having the extra money for the thrills: Like sending my kids to amazing sailing camps in NC each summer, family trips, buying my teen a car for his high school graduation, more $ for college, money for tutors and SAT prep classes, my middle child's upcoming school Theater trip to New York City, his tution at film acting camp, horseback riding classes, ballet, etc. These kind of expenses you NEVER imagine when you look at your sleeping toddler and wish the best for him or her. Parenting is such a challenge and you will face a million choices. But what a JOY!