Well I had a hb in 2011. I am 10 minutes walk from the hospital, so felt reasonably confident that if necessary I could get there quickly.
However - after my son was born my mw told me we were lucky we weren't in hospital as I'd have had a c section. Baby's cord was around his neck twice when he came out. She said she could tell from the doppler.
Now thinking about this is making me well up - was it unsafe to be at home if they'd have given a cs at hospital? If she was concerned, why didn't she get us to hospital?
My son was extremely alert from the second I got him in my arms, though not floppy or anything scary and has never been unwell.
I am 4 months with number 2 and am considering what to do. I often see that mw out and about and wish I could ask her.
Pros of hb are huge, my poor husband was exhausted after 24 hours labour and was much more relaxed than if we were at hosp. I too was a lot more relaxed, too, I think. My whole family were able to come and say hello to baby in the morning. Worked well for us, but there are risks attached to every birth.