I have mixed feelings as well. While I think my kids should be allowed to participate in sports, I can't decide if I would take advantage of it. I have a dd who wants to swim in college. IF I lived in a huge swimming area (like when we were in TX), I would consider it, because recruiters attend big HS meets. However, here, HS swimming is an absolute joke, and no college recruiter would attend even the state championship meet. She is able to compete in a year-round club team, so she can be seen. I would much rather create homeschool leagues for our kids to participate in! I've considered trying to gather resources to start one, but the homeschool community here has been VERY hard to break into.
If my child had an athletic gift that could only be used by participating in public school sports, I'd probably consider it.