PRO (+) If anything goes seriously wrong, you're in a hospital and have immediate access to a full medical staff and all the necessary resources to deal with the situation.
CON (-) Unnecessary interventions. You're going to be exposed and potentially pressured into an array of unnecessarily stressful, invasive and risky procedures and devices. Simply birthing in a hospital increases your risk of an emergency c-section.
PRO or CON (+-) You'll have access to pain medication in the form of an epidural when you need it, but it's not without considerable risk to the mother, especially if given too early in labor.
CON (-) You're not at home, so you can't sleep in your own bed at night, use your own bathtub or easily access food as desired.
CON (-) It's expensive if you're an American and especially if you end up with a C-section.
Take home message: If you're healthy and interested in having a gentle or natural birth, the hospital may not be the place for you to labor or birth. It truly depends on your doctor and the birthing staff's practices.