Needs the things which swayed me into becoming a SAHM were that my hours could be unpredictable at work and so can DH's so childcare would have been a bit of a nightmare to arrange; I had build up a good support network of other SAHM's (would be a very different experience if I didn't have this, and not particularly enjoyable). My DS ha always been happy to socialise with other children in small groups however he doesn't like larger groups, and is quite sensitive to loud noise etc and although I knew he would get used to it if I put him in nursery, I didn't want to force him to adapt if it was avoidable.
Also, short term it didn't make a massive difference financially if I was working. By the time we paid out for childcare, plus the costs associated with my car and fuel to get to work, we weren't much worse off anyway! We got rid of my car as I am walking distance into town, good bus service if I want to go further afield, and am happy to load the pram up with shopping and put DS in a sling if I go to the supermarket :)
The best things for me about this have been seeing every development - I know DS better than anyone (including my husband). He is such a loving child, his confidence has come on in leaps and bounds despite not going to nursery and I know that's all because of me and how I am choosing to raise him. He is almost always happy, will chatter to anyone, can entertain himself or will play alongside me or other children. It's amazing to see his sense of humour developing - teasing me by leaning in for kisses then at the last second running away laughing :) all the things he probably would have done if he had gone to nursery, but may not have done, or may have been to someone else before me.
The worst things are worrying about money, and worrying about what will happen when I decide I want to look for work in the future. Also, days can get monotonous if you aren't careful. As I said above, you need other mums who have chosen to quit their jobs as it can be very difficult not having the adult conversation and mental stimulation that you get in a job. There are days when DS drives me demented, but there's nothing I can do, I just have to deal with him. I get a lot of people presuming I'm "wasting my education" or similar, and have had the comments about being just a housewife, or lady of leisure (I wish!). When I've been unwell and just wanted to stay in bed all day, I can't as he still needs looking after and there's no calling in sick!
Overall I made the right decision for me, and for my family. How would you fit studying in with raising your child without using childcare? I have started an open uni degree, and being honest I couldn't do it without at least 1 day a week to spend a good few hours on it undisturbed, plus a few evenings each week. My DH takes DS out every Saturday so I can work solidly on it, obviously a MSc would be much harder.
Being a SAHM to a toddler is a million miles away from being on maternity leave, I didn't think it would be (despite being told by other mums) but it really is completely different!