Worksheets also, when used properly, provide both the students and parent / tutor immediate feedback as to the child's progress. This means they can be used to point out areas where the student needs further reinforcement.
They're also available for nearly all grade levels. There are printable middle school, high school, elementary school, and even pre-school worksheets.
Granted, that will always be a tough uphill battle for math to win out over most video games, but the point is, students today are much more immersed in technology than ever before. So even if you need to pass out a math worksheet to review concepts and formulas, it will greatly benefit your cause if you design the worksheet to be as stimulating as possible.
Homeschool worksheets are far more than busy work. They are an important part of making sure that the concepts you teach in your home school stick with your child. Just make sure you have a good source for providing the worksheets, and that they're the right ones for your kid or kids.