I haven't read the other comments, as these always go the same way, but my experience was:-
I absolutely loved it. It was such an amazing time. But we were busy, people hear SAHM and seem to envisage mum at home all day, on her own with the child. It was very different for us, we had a great group of people we went for days out with, then we went swimming, forest days, parks seen family- we didn't really do the soft play centres as we enjoyed being outdoors.
My career never defined me, I rarely spoke about work with my DH or friends, far more interesting things to chat about, so it didn't change me or i didn't loose myself as others seem to be scared of. I still used to meet up with my mates, so no change there either.
We (me and DH) spoke beforehand about what it would look like for me being at home, it needed to be a joint decision, we discussed what our days would look like ,responsibilities etc etc so no surprises. Which I think is really really important .
We were very clear if my DH ever felt too much pressure or just fancied his turn to be at home, then we would do that. We both have the same values and both see it's important to have a parent at home in the younger years before school - I wanted it to be me. My DH absolutely saw the value of me being at home and in no way thought it was the easier the option.
Another thing that used to be rolled out was that DHs would not respect or value their wives as much - but let's be honest you shouldn't be with a partner who only sees your value based on a pay check, that's pretty sad.
If your DH is on board and you have financial security as a family and you want to do it, go for it. As you say if it were all to go wrong with your DH you wouldn't be massively worse off (with the greatest respect ) as your job to get you back to where you were, was MW. A gap raising your family is a valid CV gap to get you back in to a MW role.
Of course you need to weigh up the risk and you get all kinds of whacky responses from both sides, but no one can give a generic one size fits all answers. What's good for one person may be terrible for another. It may make some women go stir crazy and they needed to go back for their own MH, it will destroy others by leaving their kids and that would effect their MH and obviously some have no choice, but while you do have a choice - just do what's best for you and your family.