I've had 2 home waterbirths and would recommend it to anyone.
When my second daughter was born, my oldest was asleep upstairs in bed. In the morning, I heard her stirring and whispered for her to come and look in the moses basket next to the bed. She peered in, then looked up at me and whispered, "Oh Mummy, is it real?" So cute! Then she went tearing downstairs shouting "Daddy, the baby's here!" Like he didn't know!
It is so brill to be in your own home, especially when you have older children. My 3rd daughter was born in 2 1/2 hours. When my waters broke at 5.45pm, my FIL came round to pick the older girls up. They watched a dvd at his house then we called him at 8.30pm to say the baby had arrived at just past 8pm and they could come home now! So they were back and meeting their new sister within a few minutes and we all went to bed as normal that evening.
Think it definitely reduces disruption and therefore helps the bonding process.
The only thing is that my OH was very scared so my mum came round to help him too!
Also, the midwives didn't bring enough gas and air so when it ran out I was totally without anything and that ain't funny when you're giving birth to a 10lb baby.
I would love another home birth this time but because my 3rd daughter was so big, she got stuck.
Her head was born for 20 min before they managed to free her shoulders and get her out because of her size. Obviously I am concerned about this happening again so would rather be in hosp already, just in case. I will wait at home as long as I can though. I've been told the chances of another big baby are very high, although I am going to have a precautionary GTT in case GD was the reason.
If you have the option and your OH is supportive then do it! It is an amazing experience and way better than just feeling like another statistic in the hospital.