I had a hospital birth with DS1 and a homebirth with DS2. I'd definitely recommend a homebirth. It was so much nicer being able to relax more during labour (well, as much as you can :)) and having your own space.
Both babies arrived really fast.
I'd plan for a HB but pack up and organise for a hospital trip. I was glad I did, as I bled a lot and the MWs couldn't work out which bit of me was torn, so I had to go by ambulance to hospital so they could stitch me up afterwards.
Note: it works best not to pick the second floor of your house which has a tight turn on the staircase for your labour room. The ambulance crew couldn't get their evac chair around the bend, so I had to bump down the stairs ungainly on my backside as they were worried about me fainting on the way down (though actually, I think I was okay enough to have walked it).
Definitely put down LOTS more coverings on the floor than you think you'll need. We didn't really have enough, and they got a bit rumpled. It cleans up more easily than you think though. DH was appalled - we used our most recently decorated room. DS2 arrived very fast and messily - my mother described it as a 'crime scene' appearance, and we even got blood on the walls & sloping ceiling.
But by the time I came home from hospital the next day there was no sign of it (thanks to my lovely mother)
Homebirths are supposed to be good for babies' digestive / immune systems from what I've read - the microflora in their gut resembles the microflora in their mother's gut, whereas hospital-born babies have at least some of the hospital microflora (not always a good thing).