I think it depends on the size of the family and ages of the children. Once the kids are in high school, I feel like they can generally take care of themselves; as long as one or both of the parents are there in the morning, evening, and weekends I think it's great if both parents work. College ain't cheap.
If the kids are numerous and/or young, it's a bit of a grey area because you do need supervision and childcare is so, so, so, SO very expensive these days. So it's not so much about nobility or tradition as it is about saving money vs. earning money; most jobs (when you factor in pay, commute, taxes, etc) won't pay enough to cover the cost of childcare for 2+ kids, or not enough to make it worth it at least.
The real obstacle these next few years is going to be social acceptance of "stay at home dads". I think we've moved past, for the most part, any issues we've had with working women, but a stay-at-home dad is still something that alienates a lot of people. We never really thought of women that stay home and take care of the household as lazy or weak, but when a man does it he is viewed as not "wearing the pants" in the relationship, lazy, and so forth. My sister probably makes enough money right now for both her, her three kids, and husband but for whatever reason my brother-in-law took this pain in the ass job out of pride. Now they pay about 2600 dollars/month in childcare.
Personally, I would love to be a stay at home dad. I'm a great cook and I love kids, and I could do some day trading when they're at school, run errands, and so forth. I might get bored after a while, though. I would probably just do yardwork and learn carpentry and shit so I can just fix the house myself.
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