I am a SAHM, it happened by accident when we moved with DH's job, he earns significantly more than me. So I gave up my job for the move and just never sought work.
DH's Mum was a SAHM, my Mum worked full time.
I enjoy the pottering side to it, and I am anal organised so I am "in charge of" uniform purchase, boxing up clothes that are too small and putting it in the loft for youngest ds, I make bread, I grow veg and I have a circle of friends, who are a mix of SAHM, F/T and P/T workers.
The only bit that drives me insane is laundry, so I either listen to music/radio or watch a film/tv whilst I do it.
Weekends are mostly free from housework because it has been done in the week and DH is 100% supportive and appreciates what I do. I recently had a frozen shoulder so could not even dress myself, he had to do his job (IT) and do the school run, cook food, shop and do housework.
I think the major things to consider are isolation, which I initially had due to the move, financial costs, and the monotony of housework, it never changes.
I'm a "when life gives you lemons, make lemonade" type of person but I can see how for others this would be the dullest job ever. I am lucky that DH loves his job and appreciates what I do.