I stayed home with my kids. They were 7 years apart and when my older son was born, my husband was in the Navy so I didn't really have to work. I wanted to be home with them and loved all of it, nurturing them, giving them the experiences I thought they should have, volunteering at their schools, etc. Did I go nuts sometimes, esp. when my husband was deployed? Definitely!
It was harder financially when my younger son was a few years old on up b/c by then my husband was out of the navy. I was going to school part time and working p/t but I still wanted to be home when my kids got home from school. I felt that was important. And by then when my older one was a teenager, he needed that bit of watching after school as he was (is) a much more of a risk taker than my younger one.
I would do it all the same again if I had to.