wow... long discussion !!

we decided to send our kids to local school - didn't even need to think twice about it. No regrets about it so far.. but we don't expect any
there has long been a stereotype about local schools being stifling and churning out robots into the system. I have many friends who who would do anything to avoid sending their kids to a local school.
a couple of things to consider:
1) temperament of your child - how is his or her learning style? If s/he is bright and a quick learner, they may thrive in a local school where they are exposed to more challenging academic materials earlier in life.
2) values of the parent / preferences -
(a) undeniably, there will be more homework at local schools - are you prepared for this? we used to dread the homework but later adjusted our schedules to this - just part of the bonding with the kids (although there are more fun ways to do so!!)...
(b)exposure to a more diverse student population - i am not referring to cultural/national diversity (international schools would have this hands down) but to the diversity in socio-economic backgrounds. Most kids in international schools are from comfortable families and most tend to have certain expectations in life. Less so for local schools although some like MGS/ACS tend to have the doctor/lawyer type family backgrounds. I personally want my kids to know friends from different backgrounds
(c) social values - the church affiliated local schools have impressed us very much. Values such as kindness, patience, etc are emphasised. At my kid's school, the classes are named according to these values and they have a special "character" badge that the kids work towards that they can proudly wear on their uniform. My daughter was even asked to bring in a piece of cloth to school - they will be teaching small household skills like wiping the table and sweeping the floor (they have to keep their classrooms clean!) -personally, i find this a good thing. The easy access to maids here has resulted in few kids lifting a finger around the house.
(d) academic pressure - sure, there are the pressure house local schools (brand names) like Nanyang, Raffles, ACS, etc - however, you DON"T HAVE to send your kids there... not that you could get in anyway, as the demand is more than spaces available. We purposely chose a school that would focus on the overall development of the person and not just academics only. Not a high demand school but one that works for our family

(e) costs - nuff said - local schools are cheap, especially if you are a PR - monthly fees are $15.50 (soon to rise but still affordable). Even cheaper than my other kid's pre-school fees. Think of all the savings compared with international schools.. especially if you are not on a package where school fees are covered by the company
other issues with local schools such as speaking more singlish, or lack of creativity can all be addressed at home - eg teach your kids that "proper" English to be used everywhere except at school (they need to be able to use Singlish to "fit in" too). Expose them to different things/activities to broaden their horizons.. parents have a major role to play too.. not only the school.
All the best with your decision !