I think part time work can be an excellent compromise, depending of course on how many hours you work, and how flexible your employers are!
When I had my children, I put my career on the back burner, gave up my responsibility and cut my hours right back to the minimum. After I had DD1, I was only teaching 9 hours a week, (the rest I worked from home).
Over the years, I've worked a variety of different hours but I think my favourite was when I worked 9 - 12 every day. DD still had a good hour's sleep every morning at that point. So of the three hours I left her, I was only really missing out on 1.5 - 2 hours per day. As the nursery was literally adjacent to where I worked, I'd pick her up just after 12, and we'd have the rest of the day together - 7 waking hours every day to go to toddler groups, see friends etc... As DD started preschool at 3, I worked preschool hours, so more or less as far as she was concerned, I was no different to a SAHM, When my youngest started school, I increased my hours and did 9-2 every day. Now my eldest is starting secondary, I'm back to full time and I still only need one hour or so of childcare a week. (My parents pick up for me twice a week). As I've increased my hours, I've taken on more and more responsibility again, so that in a couple of years when my youngest starts secondary, I'm going to start looking for a senior management role.
In contrast, I have friends who did the SAHM thing, but have struggled to even get back into main scale teaching again. They're top of pay band, haven't taught for 10+ years, education is a completely different beast now and the return to teaching courses have long since disappeared. Many are now doing low paid TA jobs to try and get back in to teaching, or are volunteering at local schools etc... Whereas I'm heading for management, they're still trying to get back to where they were when they started, not even back to where they were before they left teaching!
And yet, I don't feel I've missed out at all on the early childhood years. I was only ever away for a few hours at a time - and when DD 2 was at preschool, she once told them I didn't work - as I was always there for her.
Sorry, that has turned out to be long, but what I'm trying to say it does not have to be the stark choice between giving up work or leaving your children. Working does not have to mean missing out on your children. I've always worked, and don't feel that I've missed out at all. However, I did have to change my job and the sector I work in to achieve it. I know this doesn't work in all sectors, and I'm lucky to have had such good bosses that have allowed me to work around my children's needs, but I have other friends who have done similar in different jobs. Minimal part time hours when the children are young, increasing the hours and the responsibility as the children grow. I found it a good compromise, because when my DC were young, they were my focus and my hours were minimal. Now the DC are older, and I'm just a glorified taxi for them, I'm picking up my career and my interests again... As they need me less, I'm able to take on more again at work, and for me at least, it has worked well!