Wow, I am amazed at all the other homebirthers here! Usually I feel like an outsider or freak when this topic comes up at my other haunts (online and otherwise). I had my daughter at home last December.
I cannot say enough about the water tub. I went ahead and bought "La Bassine" - I LOVED the inflatable sides and rested my head back and slept between contractions for a good part of the labor. It was just the right size too - I was about 245 (boo) at delivery time and I'm tall. I have to say water did NOT take the pain away, but while I was in the tub I could handle it because I didn't have to do anything (like sit, stand, balance, etc.) except go through each contraction. I also highly recommend picking up the book "Birthing From Within." Her attitude toward birth really resonated with me and helped a lot and one technique in particular (non-focused awareness) was what I used the most.
I've been labor support for friends at hospital births and for a lot of reasons it is really hard to go natural in that setting. (The last one I witnessed in particular sealed my decision to go with a home birth for myself. Typical horror story you hear about a jerk doc riding roughshod over her wishes.) That said, women do pull it off. Personally, I can't imagine going through labor without the water! Like someone else said, there is a good place for epidurals (and other interventions) but not when you are just being treated to conform to the standard practice. If we had needed it I would have been at the hospital and glad for it. But I am so, so grateful for the way it went.
Finding a midwife you click with and whom you can trust is crucial. I had full faith in my "people" to know if I had needed more help so I could just relax and ride out the storm, so to speak.
Congratulations on your pregnancy! This is such an exciting (and tough!) time.