Look at the statistics. Homeschoolers by far out perform public school kids. Colleges and universities actively seek out homeschool students and usually have a home school liaison for dealing with getting them processed since many don't have typical public school documentation.
The only consequences are a more literate, socially adjusted, well balanced group of young people entering society and the workforce. Kids who worry about more important things than breaking a nail or curling their eyelashes. They're not slaves to fashion or peer pressure.
I don't believe that's the only possible consequence, and the only possible outcome.