I believe the main reason hospitals don't offer water birth is because they are afraid of not being able to get the tubs clean enough between births, and are super worried about super-bacteria, etc. Like anything else birth related, I would look at the individual arguments and see if they make sense, or if they're backed up by any kind of research.
It is surprising how many "positions" touted by medical professionals and organizations are based on a medical culture rather than biology or actual research. Many ideas taken for granted as being best practice are simply "passed down" by "common knowledge," but do not hold up to scientific study. The idea that routine use of IVs and continuous EFM somehow make birth safer are just two common examples.
Homebirth does not always mean water birth, but it is a great option. I planned to have ds2 in the tub, but he came too fast. I had ds3 in the tub, and it was heavenly. (However, ironically, ds2 has loved the water from the beginning, and ds3 at age 2 still won't go near a tub without screaming his head off!

)
You do want to make sure your birth attendant is comfortable and understands the dynamics, though. Temperature is important. As a pp mentioned, you don't want the water too cool. It also takes some experience to be able to judge how much a mother is bleeding afterwards when the blood is diffused in the water. And there are sometimes occasions when attendants need to be prepared to help the mom get out of the tub quickly (but then, a necessary quick position change can be needed when birthing on land, too).
My mw at ds3's birth certainly attends waterbirths, but has admitted she's most comfortable attending land births. As I was pushing, she kept reminding me to keep my bottom in the water, and I sensed just a touch of anxiety from her, which I found rather annoying. There was really no way in that full, deep birth tub that my nether regions were going to float up high enough for the baby to be born in the air first, so the warning was really unnecessary. It wasn't a big deal.. but, still... my mw this time around actually seems to prefer water births.
I'm still not sure if I'll have another one, though. I think we'll have the tub available. But, my births go quick, and I might just decide to opt for laboring in the shower instead of the hassle of setting up the pool (although it does keep dh busy and give him something to do while I'm in labor, which is helpful in and of itself! lol!)