My homebirth was the best thing I have ever done. I'm planning my second home birth in 5 weeks!
As previously mentioned, the midwives are looking out for things that might go wrong way before anything would be considered in a hospital environment. They are aware that they will need to transfer you.
Statistically, for a low risk pregnancy, you are more likely to have a natural, unassisted delivery at home.
You are more likely to be calmer. I know I felt more in control knowing I was at home and the midwives were there to assist me doing something natural. I felt safer having two midwives there for the birth, one with me throughout active labour and another joining for the birth, rather than one popping in every 5 minutes in a birth centre.
There really is no better feeling than tucking your newborn into their Moses basket/crib at home rather than bundling them into a car seat! You can put your feet up and have a cup of tea!
My homebirth was lovely, my birth centre birth previously was ok, (gas and air is better when it's plumbed into a wall, the home birth canisters are a bit rubbish) but simply to lower my risk of interventions, and therefore my baby's risk of any adverse reactions to them, I'm choosing a homebirth again.
When things go wrong, and they can wherever you choose to birth, they very rarely go immediately wrong. The main reason a woman is transferred to hospital when in labour is failure to progress. Closely followed by the woman needing more pain relief, and then by heaving bleeding after. (Don't quote me on these, they were true at the time of the articles written that I read) in the case of heavy bleeding, or baby/yourself needing resuscitation, the midwives carry the necessary drugs and equipment and will not delay in dialling 999. There will be two of them with you for a reason.
Often you may hear people say 'oh my baby would have died/I wouldn't be here if i wasn't at hospital' but it's important to look at the circumstances around that claim before worrying yourself. The cascade of interventions, often if you have one intervention, you'll require another, maybe another. Inductions for example, higher risk of needing an epidural, epidurals come with higher risk of assisted deliveries, assisted deliveries come at higher risk of episiotomies/tearing. I'm sure for some people a hospital birth is safer, that's why it's important to speak to your midwife, but it's also true that for some people, who are low risk, they may be safer at home.
It's worth noting that planned homebirths for subsequent low risk pregnancies pose NO greater risk to mother or baby than a planned hospital or birth centre birth. You can totally quote me on that one. www.nct.org.uk/birth/home-birth-safe
Sorry it's so long. I'm nearing my second homebirth, and although I totally love the idea again, it's normal to have a few wobbles and read up on the most recent advice. Good luck!