Oh yes, absolutely!

As long as it suits your situation.
My first son was born in hospital but with only midwives attending -- I would have preferred a homebirth but my husband was adamant that he did not need to actually learn about the subject to know that it was a death sentence :/ -- and as much as I am a very non-"hospital" kind of person, I have to say it went really well and I was pretty happy with it. Having to travel 45 minutes to the hospital during labor was no fun and I am convinced that it considerably slowed/prolonged things, and may have accounted for how long the pushing stage took; but, still, the baby got born nonetheless

without any drugs besides a tablet of Gravol when I was still at home (I was very barfy, and barfing every other contraction is not relaxing

).
Note that this was possible where I live -- in Ontario, is not even possible *everywhere* in Canada -- but I *think* that in most of the US you can't have midwives as the *primary* care person in a hospital birth, at best you can just have nurse-midwives with an OBGYN technically in charge. Although I think that there are some birthing centers that are run by midwives, in some states? I dunno. I do feel exceptionally lucky to have lived *here* where it was an option (and fully paid for by provincial healthcare too, neener neener

)
My second son was born at home, it went much much faster and easier (indeed, although the first midwife got there in plenty of time, her student did not arrive til the head was out, and the second midwife -- legally required to attend at homebirths in ON -- did not get there until we were sitting around afterwards filling out paperwork

). The midwives did an excellent job getting the stains out of the carpet next to the bed and you can't see them at all anymore LOL It was EVER so much better than the hospital version, and if I were having another kid I would for SURE be doing it that way.
Now, that said, you have to look into the ACTUAL arrangements that would be available to you, and consider your personal situation and what sorts of risks upset you most. I do not believe homebirth is currently legal everywhere, and some places where it "sort of" is legal your midwife may not be able to have an oxygen tank etc with her, which IMO is desirable although to some peoples' philosophies perhaps not absolutely crucial. Distance to a good hospital with *significant* emergency neonatal services is also a consideration. (Although, so is distance to *any* hospital -- as my midwives pointed out, if you are located pretty far from ANY hospital, you pretty much need to either plan on going there extremely early, possibly just 'when my due date approaches I will go live in a motel' if you are really in the sticks, or plan a homebirth)
And some people are either medically or philosophically just not as good candidates for homebirths. If I had had a medical issue that made complications likely (other than being older -- DS#2 was born two days after I turned 43 -- but the only person who seemed to consider that an issue was my family doctor, who, *pfftht*

) I would have not had any problems switching to a hospital birth.
And I know people who have such (irrationally) strong faith in hospitals and doctors that they can accept risks of things going wrong from hospital-or-doctor causes much better than they can accept risks of things going wrong from staying-at-home causes, in which case I absolutely think a hospital birth is better. (From having pulled original copies of what journal papers were available at the time -- ie. I have no idea what may have been added to our state of knowledge in the past not-quite-4-years -- it was pretty clear to me as a research scientist that the risks of homebirth were about equal to the risks of hospital birth when you looked only at planned properly-attended homebirths. The risks are of course *different*, but statistically the same, and in fact the best paper I could find actually had a numerical -- tho not statistically significant -- tip in favor of *homebirths* being safer)
IMO the main benefit of a homebirth is that the likelihood of circumstances/interventions that often cause a cascade of increasingly-problematic further interventions is low or nonexistant. (There are other benefits too, for sure, but IMO that is the biggie)
IMO the main benefit of a hospital birth is that in the really very small event that you should need sudden very serious intervention, the delay MAY be less (I say "may" because this does not apply to nearly as many things as people think it does, in most hospitals. For instance one study I saw showed that at the hospitals they looked at, time from deciding an emergency C-section was necessary to the first incision was *longer* for patients who were already in the hospital when the decision was made than for patients who were nearby but at home and were brought by ambulance. This is by no means how it *always* happens but it shows you should not make blind assumptions)
I think that if one chooses a hospital birth, that you can still do a lot to manage potential problems as much as possible by being VERY FIRM about things like Pitocin-to-meet-a-schedule, no epidural or drugs, etcetera... if you're the type person who can BE firm in those circumstances. Also from talking to a lot of people it seems to make a huge difference which hospital you are at and what doctor(s) and nurse(s) you have, and what support person(s) are with you.
Still, I was COMPLETELY happy with my homebirth experience and if I were going to have any more kids I would not think twice about doing it again (barring change in medical circumstances etc)
Pat