In my head I'm chanting "WATER WATER WATER!".
:)
I had one land birth followed by two water. For me - it was hands down the best thing ever. All at hospitals. In MN we have a number of options now for water births in a hospital or birth center.
I'll just give you my pros.
1. It's relaxing for me to be in the tub.
2. I was able to move around much easier since I was floating (to change positions and get more comfortable.
3. It made my labors go faster... once in the tub, I relaxed, things moved along.
4. It made the pushing and pain at the end much better for me. The "ring of fire" when baby comes through is not nearly as bad as on land - at least for me.
In my experience, the only CON was my midwife was super short, and hit was a little hard for her to reach into the tub to help deliver baby. Not really a con, but I did notice she struggled a bit - it didn't affect me or baby though.
Cons for my land birth - more interventions... but that could in part be that I had an OB vs. a midwife. Other cons - harder to move around... took longer... more stitches...
ETA: My midwife would occasionally monitor baby by having me push my belly out of the water and she'd put the monitor on it for a contraction. But, generally, she did NOT monitor babies heart rate during labor. That said - I am not a huge believer in constantly monitoring a natural uncomplicated birth. Are there times when a baby should be constantly monitored? Absolutely... but if things are moving naturally, smoothly, and normally - then I vote for less monitoring. I'd talk to your doctor/midwife about that question specifically.
Good luck!