For me the decision to be a SAHM was pretty much made for me. I was writing up my PhD when i had DD. I fully intended to go back to work, but i had no "job" to go to. I did have a couple of job offers though. I remember visiting a local nursery only to sob over the brochures. Anyway, i managed to write and defend my thesis (DD was ten monhts when i finished). But during tht time my father passed away and i had been very ill (gallstones). Doing my PhD was the only bit of glue that was holding me together and i had a breakdown pretty much as soon as it was finished. So, theres my reason really, it wasn't a concious decision, i coudlnt have worked if i wanted too.
Pros - i had a wonderful time with DD, we went to loads of playgroups and i was there for all the milestones. The days on the beach were just fantastic. We could just do stuff according to the weather, so if it were a sunny day we would take advantage and enjoy it. I am much closer to DD2 than DD1 who i had much much earlier and worked pretty much from the start. My DD is a happy, confident little girl and settled into school really well. I didn't have to worry about childcare, i didnt have to pay for childcare, i didnt have to worry about if my DD was being cared for properly (im sure all WOHMs have this worry at some point), didnt have to worry that she wouldn't be comforted if she was upset at nursery because there were other children to be attended to. I made friends with other mums withchildren the same age and it helped DD to form friendships.
Cons - Debt, we're still picking up the pieces of a struggling business and lots of debts incurred during my PND because DP had to not work for period of time to look after me. Just not having two incomes is a nightmare. Too much time to think - and go mad! Having to make small talk with yummy mummies at play groups (yeah i know i had this as a pro but also a con to be honest), People juding me as not that bright because i don't work, actually being judged by other women based on what my DP does for a living (you'd not think that but this was absolutely true - ive had people say to me "what do you do" SAHAM "oh, what does your DP do" carpenter "oh, really" mumble mumble, move on to someone more interesting). My career is pretty much shafted on account of being out of a specialised field for too long, but im overqualified for those jobs that just bring in the cash, so despite job seeking for two years - nothing.
Would i do it again? Absolutely, although i think i might have worked part-time in hindsight. It doesn't help that the economy is so crap now but i just cannot get a job and i wonder if i will ever work again. I dont necessarily think that childcare is easier once they start school though - you hve to cover holidays, unless you are a teacher, even then you dont get full holidays and you still have to cover that time before and after school, which is all good if your school has an afterschool/breakfast club. the other day i had to go fetch DD from school because she was sick, if i was working DP would have had to do this (he is self employed) but would not have got there so quickly.
Is a very personal decision i think. In some ways im glad i did it, but i do regret my career going to seed.