I think that what is an important and often overlooked point in the whole SAH Vs working mother debate, is the fact that motherhood has been utterly devalued.
I am a stay at home mum, who is much more financial stable than my own mother, was-who was also a stay at home mum.
My father was a gambler, and a drinker. But a charming, erudite one-think Olly Reed-you know the type. So he got away with a lot. It's only in retrospect however, that I realise how completely and utterly skint we were. Even though holidays were pretty much non existent, birthdays and Christmases were thrifty to say the least, and my mum would go to our supermarkets just before closing almost every day to get random reduced items to make our "creative" meals-I didn't notice. She hid it all, and with grace. I think that our happy home life was in part to do with the ever stable, constant presence of my mother. She was fun, and available, so we didnt miss out on material things.
She was the woman that inspired me to be a SAHM. I have a degree, and left a good job to do so. Granted, I am financially better off than she ever was, but i would honestly strive to raise my child in this way, even if my situation was different. It can be done if that's what you want. And that's an important point. Some people dont want to, or truly cant. And that's a different thing.
This whole "being an example for your daughters by working" argument has never really sat well with me, as I gained a lot of wisdom about strength, integrity, creativity patience, ingenuity and sacrifice (not a dirty word btw) from her. Much more than I ever did from my job. I never looked down on her for not working (for a wage); quite the opposite.
I'd have to cut my cloth differently, but i'd do it. And yes, sometimes it's mind numbingly boring and lonely, but I think it's worth it. For me, personally.