I had a homebirth and used a pool to labour in. I had planned to deliver in it also but ended up getting out for the final big push.
Homebirthing, if you've had a healthy pregnancy is no less safe than delivering in hospital. It will mean little in the way of pain relief and no medical intervention. If its what you really want and if you understand the pros and cons then go for it.
With regards to anything going wrong, the chances are small either in hospital or at home (consider the amount of babies born each year). Many women deliver their babies normally.
There are a number of things that may happen be it at home or in hospital but your MW's will be well trained to deal with them in a home setting. She can explain a few weeks before your due date about what might happen and what she will do if it does. If a problem presents that the MW's cannot deal with they will transfer you to hospital asap. They will not do anything to put you or your baby at risk. Transfer time to hospital will allow the Doctors there to prepare for your arrival (theatre for C section etc) and you usually would have a 30 minute wait time before making it to theatre in hospital anyways (average). True 'emergency' C sections are rare. Also first time babies tend to arrive far more slowly and problems are picked up in plenty of time as a rule.
Homebirthing means one on one care, then 2 MW's in attendance for actual delivery and after. I've yet to read a bad hombirth experience tbh. Even the women who had to transfer to hospital had nothing but good things to say about the home part.
I highly recommened a homebirth if you are fully aware of all aspects and are well informed. Also that you are comfortable with the small possibility that you won't have your baby at home but may need to deliver in hospital for whatever reason.
Have a read of this site
http://www.homebirth.org.uk/
It explains all the pros and cons very well and about any possible problems. As I said, if you've had a good pregnancy then go for it. I think women who opt for a homebirth have a whole different approach from those that opt for hospital. Its often either because they don't like hospitals and wish to reduce the chances of medical intervention, preferring to go the slower more natural route at home. Yes we are aware of the possible risks but we weigh them up carefully and feel home is best all things considered.
Had I delivered in hospital (I was advised against a homebirth but ignored that medical advice) I'd probably have ended up with a C section due to losing my contractions and having a big baby. As it was my MW gave me time to get my contractions back, massaged me and got me moving. She was never worried that things had slowed down. She knew how to get them moving again. I delivered my baby boy an hour or so later. I doubt in hospital I'd have gotten my contractions back at all as no one would have massaged me with clary sage or given me the time to walk and get focused again.
You have to trust your body and your MW for a homebirth. If you can do that it should be a positive experience. The chances of something happening are small. Keep positive, focused and get in tune with your body through your pregnancy. Encourage your baby into a good birthing position and keep active with walking etc. Also light exercises for labour can help, as can breathing exercises and so on. I'd also suggest you do some reading on it and get fully informed as I do believe it makes for a better birth if you homebirth.
My birth story is in my sig below. Feel free to drop me a PM if you have any questions