Becky, from what I've heard from other doulas and mothers, I'd venture to say that homebirth would be easier.
You said some of the reasons exactly why hospital birth may be more painful. Fear, being uneasy, feeling unsafe and unsupported greatly increase our perception of pain. Bright light, lots of people, conflict, noise, change - all these things distract, upset moms and make labor more difficult.
There is also the knowledge that at a hospital, you are a patient at their mercy (no matter how much you love your doc). At home, your birth attendants are YOUR guests. It's a psychological difference.
At home you can turn down the lights, put on music, light candles, sit in seclusion if you like, communicate more readily with undistracted caregivers. All things that lessen the perception of pain.
Plus, you KNOW you are not going to get pain medication. Therefore, you just DEAL with it, instead of harboring questions in the back of your mind, wondering and worrying if it's "time" to ask for an epidural yet - making you focus on your pain instead of focussing on pushing your baby out.
Also, in the hospital, you are frequently (but not always) restricted in your movement. An IV will cause you to be restricted to bed, or at least have to walk with an IV stand. Internal monitors or stip monitors restrict you to bed - probobly the worst thing you could do in labor. At home you won't have these things that increase discomfort for the laboring woman. Plus you can eat, drink, use the toilet etc - all things that contribute to comfort.
One more thing and then I'll stop. If your labor is induced, the contractions are NOT natural. In a natural labor you are starting off with slow mild ones and working up to the hard, fast painful contractions over the course of labor. When you're chemically induced, the contractions that start are the really *hard* ones, right away - which is why most women who are induced get epidurals - the pain is huge, immediately. They feel these huge contractions and think "damn, this is EARLY labor, what will labor feel like later!!" and opt for the epidural out of feeling overwealmed and scared. I don't blame them at that point, though I'm all for natural labor! So, inducing can greatly increase the total amount of pain, causing more fear, causing more pain etc - a vicious cycle. And then drugs can cause their own problems - drugs cross the placenta and effect the baby, and make recovery more difficult for mom. That's a very personal decision each mom makes, but it just adds to the general uncomfortable-ness of hospital birth imho.
It may not seem like epidurals, bedrest etc would CAUSE enough pain to make a difference, but it's the CUMULATIVE effect - a little bit here, a bit there - and suddenly, your pain is much more than at home!
That's my take on it.