This whole subject area is what I do for a living. Being an advocate for Catholic schools, I’m obviously biased. But I also went to public schools my whole life, as did my wife, and I taught in a public school for three years, so I care about them as well. And more background, I have a daughter in K (who did Pre-K), and a son who will be 4 and in Pre-K next year.
My take is that it all depends on what is most important to you. Is it high academics? Is it a faith-filled learning environment? Is it diversity? Is it safety? Etc. etc.
Our daughter, through the grace of God, is extremely gift, and like her mom, super focused on doing her best at whatever she does. We could put her at almost any school, and she would push herself to excel. And I taught for 15 years and my wife taught for a few years as well, so we have the ability to teach her/push her after school hours at home if need be. So for us, we were looking for a faith-filled, safe, diverse (well, as diverse as you can get in South Bend) environment. We found it in one of the Catholic schools here, and we are very happy. And we got lucky that even with 40% of the students using state tuition assistance, the school got the highest academic rating that the state gives out.
Our daughter LOVES going to school, and she has an amazing relationship with Jesus, more so because of her teachers at her school than what we do at home. We both work full-time, so we are with our kids from like 5:20 p.m. – bedtime, like basically 2.5 hours or so, while her school has her from 8:00-3:00 (then daycare). As much as we try, her school deserves a ton of credit for my daughter talking about Jesus so much. And if the Catholic part is important to you, there are no better evangilizer of the Catholic faith than Catholic school IMO. I visit Catholic schools all over the country, and I truly believe this to be true.
If your public school is good, and safe, and if your kids are strong enough to ward off bad influences (which they will find at any school, really) then the public school would be a perfectly fine option. Saves you a ton of money too. The local elite private school wasn’t an option for us, by choice (well, maybe not by choice...they’re friggin’ crazy expensive!). We both had bad experiences with a segment of the population at schools like that, and it just left us with a bad taste. I’ll leave it at that. But for some, those schools are perfect, and that’s great. It just wasn’t for our own family.
So…all that said, shorter answer is: I would say to do a ton of research, figure out the most important thing(s) you want in a school, and then make your choice. No school is perfect, no school has great teachers at every grade level (my daughter’s current teacher in Kinder is weak, but it’s friggin’ Kindergarten and my daughter is already ahead, and with the activities we do at home with her she’s more than fine – plus the teacher does a great job with the spiritual aspect, so that’s been great), no school has 100% parents you’re going to love, etc etc. You’ll be fine if you stick to what is important to your family IMHO.