Pros:
Taking care of your family and children yourself, the way you'd like it done, and getting to know and enjoy them
(Corollary: No or lower childcare bills)
A person minding the home can keep on top of things so a working spouse doesn't have to worry about them
Errands can be run during off hours
Self-direction and flexibility
Pros:
Usually a more peaceful homelife. (Bet you'd get lots of guff for suggesting this one!)
More direct control over how your children are raised.
Opportunity to make healthier foods (healthy foods can't be pulled together in 15 minutes between work and socccer!) Notice I say *opportunity* :grin:
More direct control over how you spend your own time (well, to some extent . . . )