I had a homebirth with DD and would definitely recommend it. We bought a birthpool and I was probably in it less than 1 hour before DD turned up. I had no pain relief, no stitches or tears.
My closest maternity unit is reknowned for being too busy and people get sent away to other hospitals (which is another reason I decided I wanted to be at home) and we'd been warned that if it was a busy night there would be a possiblity that there wouldn't be a midwife available to come out to us, and then if it was that busy, we'd likely have to go to a hospital over an hour away (the closest is 5 mins)...
Lo and behold when I called up to tell them I was in labour I got the "well, we're very busy and don't have anyone to come out to you"... I told them I wasn't going anywhere (I'd read up on homebirth.org.uk that they couldn't force me to go in, nor could they refuse to provide me with car).
The first midwife turned up 45 mins before DD was born, the second about 10 minutes afterwards. They were gone 2 hours later and we were left snuggling in bed.
I should also point out that my waters broke just before I got in the pool, and they weren't clear. When the first midwife arrived, she asked about my waters/asked to see the pad I'd had in and mentioned something about transferring to the hospital due to meconium. I also recall her being on the phone to the second midwife saying "there's no way we'll get her to hospital on time, this baby is on its way". They later told me that officially they should've sent me and DD in, but seeing as there were no issues otherwise, they would leave meconium off my notes and leave us in bed. They also said that they wish all births were like that.
I did a hypnobirthing course and told the midwives that, and they said they should be standard and given to every woman.
There seemed to be a real divide between the hospital midwives and the community midwives, the latter being more modern in their approach and somehow softer.
Whatever you chose it will be a magical moment :)