Rochwen, there are a few good reasons to go for trial of labour. You can try labour for a short time, and if it's not going well, give up right away. It isn't an "all or nothing" deal - you don't have to choose between an elective section and 36 hours of hell.
I had an elective section with DS1, which involved pretty much exactly the sort of resperatory problems for DS1 that Marina describes. He was 39.5 weeks, healthy and fine, but (we think) they didn't suction out enough of the fluid. He was in SCBU for 30+ hours. I didn't get to hold my baby until he was over a day old. We had problems with breastfeeding as a result. I still get quite upset about how wrong his first few days were, as a result. (Section was because he was footling breech.)
With DS2, I had a sort of trial of labour - I had lots of prelabour, my waters broke, his head wouldn't engage, and I wasn't even effaced, so we went for a very relaxed "emergency" section. I think the prelabour stuff sorted out his lungs, he was fully cooked, and the hormones were all good, so he fed very well. I knew what was coming, so the section went very well. Because of the hormones, my milk came in faster.
So there is a sort of third way - you can wait and see. If labour starts, and you aren't dilating, go for a section. If your waters break, and nothing is happening, go for a section. But who knows, maybe labour will be ok. You can opt out of induction and instrumental birth. You can set targets as you go on. It is under your control.