I returned to work part time after Ds1 was born so have experienced the nursery runs, the sick child etc. Dh and I shared it all. Dh was raised in a household with a working Dad who did nothing except work (1970s) and a sahm who did everything but taught him how to be an adult so he can cook, clean, shop etc.
I became a sahm when Ds was a toddler due to a location move for Dh's much better paid job. That was 20 years ago. I haven't worked since but I do have a disability so it makes me far less likely to be employed by anyone. My youngest child is now in uni and I won't work again. Dh refers to me as retired. I am 51.
The cons, it can get lonely when people return to work especially when the children start school or secondary. I have one long term sahm friend. Also everything house related can become your domain even when your Dh is home. This did not happen with me but I saw it all the time with other Dads. Even if the wife returned to work, she still had to do everything child and house related and the job.
The pros for us, Dh saw me as an equal with decision making, money, never begrudged me spending and we had enough money for me to have my own car, we had incredible holidays, moved house all because Dh was able to progress his career. We had been together 8 years before children so knew spending habits and attitudes to money, children etc before I committed to being a sahm. We had a yearly sit down (pre children too) about finances, what we spent, where we spent it, plans for spending over the next year. It was definitely family money and not his.
Dh joined in school runs when he could, took their birthdays off work, and mine, attended every sports day and was fully involved with their day to day with reading and bath and bed. We often did divide and conquer so if he was going out say to B&Q he would take a child with him leaving me with one so we had one on one time with each child.
My children excelled academically because I had time to research, look ahead, put things into place to help them exceed all expectations of them. Housework was done during school hours and Monday to Friday when they were in school so I was fully available for them and Dh. It took the stress of Dh because I was here for sick children and school holidays which are 13 weeks a year and every 6-7 weeks. It can be hard to align holidays when you are both working.
Dh and I have reflected on this over the years and know it was the best decision we made and it worked for us. We talked a lot about it whilst it was part of our life. We had clear expectations of each other, we tag teamed so if one of us was tired or overwhelmed then we could tap out. Dh got a lie in every Saturday and I got one every Sunday. He experienced solo parenting all the time with one or both children which is important.