We had planned a natural hospital with DD so it's not a UC but we did have meconium present. We really, really wanted a natural birth with her but shortly before I had birth with DD I had one friend whose baby died of meconium aspiration at birth and another who died right before her giving birth for unknown reasons so that weighed heavily in my mind.
I went into labor and had light meconium that got heavier as the day progressed and my body was not kicking into labor naturally. DD's heartbeat was not always stable either during some of the contractions so we ended up getting pitocin that eventually ended up in an epidural that didn't work . Even then it took a long time to get labor really going and way too much pitocin. In the end DD came out completely healthy after 1.5-2 hours of pushing and 24 hours of labor. She was slightly jaundice but she was better quickly after lots of nursing and we both had high temperatures (I think mine was 104F).
I don't regret the pitocin (although the epidural I do for obvious reasons). We're hoping for a homebirth for #2 but in the same situation (no progression and meconium present with a dropping heartbeat) I'd return to the hospital. For me it was about the peace of mind that there would be qualified care givers there in the worse case scenario.