Some cons:

If you fall on financial hard times, it can be difficult to get back into the paying workforce quickly after being out of it for a number of years.

You may not get as many verbal pats on the back as you are used to (I've never worked in a paying place where I got a lot of those, but I hear some people do and I can see where it would feel frustrating to lose those as a homemaker).

Some pros:

The flexibility of "moonlighting" in an at-home business.

Depending on the partner's job, may be better off financially because of reduced taxes and expenses.