There are quite a few of us that can afford all those things and still be a stay at home parent.
I don't really understand why everyone thinks that being a SAHP means you HAVE to do without. We have top notch health insurance, pay all our bills, go on multiple vacations a year, have tons in TSP account, shop at Whole Foods, buy nice clothes, shoes, etc. How? We own a townhouse instead of a McMansion, share one car, make our own laundry detergent, homeschool until we have tuition for private school saved up, don't have cell phones, etc.
Also, some people really don't consider a free ride to college to be a neccessity. Everyone has different priorities. Just b/c we rank our priorities differently doesn't mean that one is better than the other. We all have to do what we feel is best for our families AND we all have to live with the decisions we make.
ETA: To the OP, I always knew I would be a SAHM. My mom was a SAHM. Growing up, I was usually the only one with a SAHM, when we lived in suburbia anyways

I always felt bad for the kids who had to spend their after school hours and summers in daycare or camps. I experienced quite a few of those programs briefly when my mom went back to College and had occasional scheduling issues. I HATED them and would always have rathered to be home after a long day of school. I felt bad that kids would get sick and have to wait at school for HOURS until a parent could get off of work to get them. My mom could be there in 30 min. or less and I could go home, get in bed, and sleep. My classmates had to stay at school, BLECH! And OH how HORRIBLE it would have been for me to not get to spend those lazy, hazy summer days the way I did!! Soooo many fond memoires

I shudder to think of those days being replaced by early mornings and daycare....
Also, the other day I watched a show about, you know "2012", hahaha. And I thought to myself, if the world REALLY was going to end in 2012, how would I spend the remainder of that time??? And I was pleasantly surprised to realize that I wouldn't change much

I spend all the time I possibly can with DH and DS b/c of no daycare, plus we homeschool. And that would be my #1 priority; spend as much time as possible with my loved ones... We are all very active in the community, have tons of friends from all kinds of backgrounds, and have a pretty full life, so no regrets there. Plus, we're going back to Disney in 2011, so that base is covered

I can honestly say that during that theoretical contemplation, never once did I think "OH, I wish I would have gone back to work!"
So, think of it that way, REALLY try to imagine that you only have 2 years left on the Earth... HOW WOULD YOU WANT TO LIVE DURING THAT TIME? (And there is your answer)