I guess I'd opt for the latter. You see, I have Gestational Diabetes and in my case the hospital facilities are much needed if a C-Section is finalized or if my blood sugar levels abruptly shoot up (knocking on wood).
It's a "trial-and-error" in giving birth at home especially if we're talking about a first childbirth.
If you already know your pregnancy pattern then you and your OB could decide if it's fine for you to give birth at home or not. Usually if your delicate pregnancies is becoming a trend then most likely giving birth at home is a not so good pick.
For me, I want to give birth at a hospital to be sure that I've got all the assistance and equipment for a safe delivery.
At the hospital, no doubt about it. You never really know what would happen when you are giving birth. I don't want to have any complications at that time. It would be very stressful. Knowing that all that you need is within reach feels better and safe.
Ever since, I've been very scared of going to the doctor, let alone going to the hospital. If given the chance to choose, I would prefer giving birth at the comfort of my home with my preferred OB of course. But I've got previa now so I guess it's better to have the hospital facilities around in my condition.