PRO (+) You'll have the "home advantage" during labor.
If you've prepared the birthing space before labor, you'll not have to deal with anyone or anything unfamiliar or undesirable. This allows you to focus clearly on labor when it's most critical.
PRO | CON (+-) You're signing up for a unmedicated labor
This means you're going to have to be strong and focused during labor to get all the postpartum rewards and healing that a non-medicated labor offers. Alternatively, you'll be able to labor and birth in the tub if you want.
PRO (+) Little to no risk of c-section, forceps, an episiotomy, IV, catheters or other invasive procedures.
CON (-) No quick surgery option.
In the unlikely chance something goes seriously wrong and your certified midwife is unable to resolve it herself, you'll need access to a hospital when time is of the essence.
PRO: You're in your own home sweet home!
Sleep in your own bed, your own bathroom, your own food, your own space and no pushy strange medical staff who "know better" than you.