In our state we are not allowed by law to do home birth, so I took the next best route, a midwife who did a water birth in a hospital. It was an amazing experience - no drugs, no one screaming at you to push, 50 different people in and out constantly, painful episiotomies etc. She was all about natural and I was SO grateful.
I was able to move, eat, drink whatever I wanted to do within reason and it was a much more pleasant experience than the "by the book" hospital birth of my first child. We are not built or meant to give birth lying down on a bed, it makes gravity work against you. Squatting, kneeling etc is much easier on the body! Water makes labor SO much easier without the need for narcotics and epidurals and all that stuff.
My midwife was amazing and she was very good at allowing me to do things my own way and having as little hospital interference as possible. In fact, the nurses were a bit peeved that I was up and walking around 20 minutes after his birth ;) .
If it were legal here and I was inclined to have another child I would do a home birth with a certified midwife in a heartbeat. Unfortunately, our state seems to believe pregnancy and birth are a "disease" or medical emergency instead of the very natural process it actually is.