My wife stayed home full-time after our son was born. We were (are) fortunate that we can live fairly comfortably on my salary alone.
My wife often says it was the best decision we ever made, and that she would not give up that experience for anything.
Our son is now 8 and my wife works part time, but she's always home when he gets off the bus (she works for the school district, so she's home with him all summer). He's never been in day-care.
There are trade-offs, of course. Before becoming a Mom, she was making a pretty good salary, and we were saving a ton of money for retirement. We're still able to save about 20% of our income, but we're not socking it away like we were when we were DINKs.
Also - she'd have a very hard time getting back to the salary she made 10 years ago. She worked her way up in a company by being an excellent employee. She wasn't doing anything she was specifically trained for in college, so if she wanted to start working full time again, she'd be starting over in a sense.
But, some things are more important than money, IMO.
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