Being a SAHM - boring most of the time.
Being a housewife - very easy and lovely!
Looking back I have absolutely no regrets about my decision to be a SAHM in my dcs early years because I felt it was best for all of us. However it was absolutely draining. I was a SAHM for several years and there were times when I felt like breaking down and despairing over the fact I had decided to give up work. I felt / still feel guilty for feeling like this as I adore my dcs and would literally do anything for them. They really are my world. But they are also very spirited and even an hour in their company is exhausting!
When I stopped work I panicked that I would never find a job again and I felt that the role I had fallen into of housekeeper and cleaner wasn't me at all - and not really one that I had envisaged before having the dcs (dur). DH comes from a very traditional family and I was terrified of ending up like my MIL (who is lovely btw), but once the children left home she had literally nothing left to do.
Nowadays I am very fortunate in that I have a wonderful job which is incredibly flexible yet also in my previous line of work so my career has restarted. I love working part time, I have an ideal balance. I will never go back to being a 5-day a week SAHM, even if I have another child!
To sum it up, having experienced being a full-time SAHM, I found it all very draining, and err... pretty dull too. In fact the tedium of the baby and toddler years is the main factor that's stopping me from wanting another child, possibly ever again.
Oh, and when I started work the first thing I did was hire a cleaner - it was liberating!