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Devin Thorpe, Mid Market Maven, gives many reasons for taking your company private--one of them (the sixth one, to be exact) is better recruiting:

• Options...
• Cash Compensation...
• Focus...
• Scandal Aversion...

I would continue on Thorpe's point about focus.  For me, working in a company that was private and went public while I was there, I realized a significant difference in my ability--down in the trenches--to execute on my business.  Much of what we did suddenly became clouded by "what would the shareholders think".  It's not necessarilly bad, but it is different. Keep your eyes open!

Furthermore, suddenly having other company's experts and analysts poking and prodding at our company financials generated good and bad press.  Having your company dragged through the mud because of third-party analyst predictions can dramatically change your company's collective mood! 

From a recruiting standpoint, being public does change your chances of attracting talent--because they can spend 30 seconds on Google Finance and find all the good, bad and ugly anybody ever wanted to know about you.

I encourage you to read the entire post and learn more about Thorpe's reasoning here.  It makes a lot of sense, to me.