Had HB with my first last year, so no experience of hospital to compare with. Part of my reason for choosing home was that I knew I would have 2 midwives for the delivery. I had a normal and straightforward pregnancy so saw no reason to be in hospital, but equally I was not fixed on it and was prepared to go to hospital at any point if it was felt necessary.
The experience was great, got through it with a TENS machine (never actually got to try the gas & air) and lots of support from DH and my mum. Wasn't pain free, but then labour never is! I have always felt very anxious around hospitals (who doesn't) and being at home definitely made me feel calmer, which is kind of handy in labour.
DH was nervous at the idea of HB, but I gave him lots of stats and info, and we also went along to a ante-natal homebirth group (run by volunteers) and this helped him to feel more confident.
Unfortunately DS was jaundiced and still losing too much weight at 5 days old, and we were admitted to the post-natal ward for 3 days. This made me even more convinced that we had made the right decision to stay at home. The staff, while perfectly nice, were mostly stressed and completely over-stretched, the ward was pretty filthy, communication was bad etc.
For me the aftermath of homebirth was the best bit, as others have said - sleeping in your own bed, with your new baby and DH/DP, not being separated - fantastic. And the grub was much better too . Apologies for essay