Sersi I can't speak for how your son will react, however for my second child's birth my son was picked up by my in-laws and stayed with them for the day (picked up about 9am when labour was fully established and came home about 5pm, DD was born at 3.30pm) Just seemed easier than my DH having to think about him when I wanted him with me.
My DH was concerned when we first discussed HB but we did lots of research together and our midwives office held a homebirth evening where a couple who had recently given birth at home came in to talk to us about it and we could ask questions, that was really helpful. There was a really good book that was aimed more towards Dads and a natural birth (but not exclusively so)that we found fantastic called "the Birth Partner"
www.amazon.co.uk/Birth-Partner-Complete-Childbirth-Companions/dp/1558323570/ref=sr_1_1?ie=UTF8&s=boo ks&qid=1244121444&sr=8-1
It gives lots of good empowering info without being too "lentil weavery"
Second time round it really was a no brainer to have a homebirth.
Wrt emergency situations remember there are lots of reasons why your midwife may say a homebirth is a no go, there will only want you to go ahead if you are low risk and all the stats show that if you are low risk homebirths are safer and have better medical outcomes than hospital births. Talk to your midwife and get all the info from her, they are usually very eager to talk about it.
Last thing (sorry I know this is long ) I never in a million years would have thought I would have had a homebirth, I've never had a problem with hospitals and I have a very low pain threshold. In fact at my booking in appointment with my midwife for my first preg I told them I wanted a hospital birth. But then when I started to look into the pain relief techniques I realised many options had side effects and the best way was to go natural and if I was doing that the best place to be for a positive outcome was at home......
Very last thing I'm actually in Toronto Canada, and we are WAY behind the UK wrt homebirths, its considered a very "extreme" option over here, you can't even have any pain relief at home here not even gas and air....so IMHO you are in one of the best places to have a homebirth!