My current job is flexible and fairly well paid and PT (3 days). I am on mat leave with DC2 and have worked out that after childcare and travel I will be taking home nothing for nearly 2 years (when DD starts school). My job is an hour from home/school/nursery.
I dont know if I could get back into my very specialised field and havent a clue what else I would do. Once DCs are both at school my job could work quite well apart from the distance from school. I would be bringing home a good wage for 3 days, there is a flexible working policy and I can get time off with sick children easily and have much more than the average amount of annual leave.
Myheart says leave and spend this time with the children but my head says stay as these jobs are few and far between in terms of flexibility, etc.