Deeky... you have made a very admirable choice.
I am a SAHM with my preschoolers and we go without, because I know that my children need my daily care in order to grow in to confident, strong, secure and well attached adults.
I personally think school is a big strain on children. The hours spent away from home, supervised in the very loose sense of the word but in no way guided, spending hours and hours surrounded by scores of equally immature children of their own age (a completely unnatural social setting, designed in the Victorian times). For me, sending my children to after school clubs / childminders / whatever outside of school hours is completely out of the question. I had children to raise them. Not so that they could be conveniently placed in amongst my life with the minimum of disruption to myself.
Deeky is right, IMO. Very few people really have to use child care. It is absolutely all about choice. We live in a smaller house than we could afford if I'd stayed in work. We live in a less than convenient location, for the cheap housing. We made sure we bought our house at the right time, when prices were heading down and mortgages were low, specifically so that we could survive on one salary.
When both of my children are at school, I'll go back to work. But DH and I will work together to make sure they are at home, with one of us, outside of school hours and during the holidays. This is someone we always wanted for our family arrangements. We always said, if we were going to have children, we'd do it properly. We see properly as taking full responsibility for our children. Being there for them. Making sure they're not lonely. Helping them with their homework. Giving them the loving one-on-one care and attention they don't get at school. Having plenty of time for them to talk to us, and us to them. This is not how either of us where brought up.
I'll have plenty of time to live my own life when my babies are grown up. But for now, my life is them. And I know 100%, that when I'm on my death bed there is no way I would ever think "I really wished I'd worked more and spent less time with my children".
I fully appreciate I, and a few others, are the odd ones out on MN. People make their own choices, and I respect that. But I do believe that we live in a society where it's OK to have your own wants, and to put them first. I don't think that's necessarily right. But it makes things a lot less difficult for people.