Yes, I did this.
My DH and I were both tenure-track faculty at a small research and teaching uni.
Then our DD developed life-threatening medical problems.
He went to industry (better income) and I came home for two years. I worked PT doing research for about 8 years until soft $ dried up, and at that point, just stayed home because the economy was horrendous.
While the trade-offs are, as MegMeg notes, not always as obviously in favor of two incomes... what is also true is that you'll never recover those years of lost SAVINGS for college/retirement.
The other thing which is also true is that you can easily find yourself left behind and unable (even if you're highly educated) to enter your field again after a ten year hiatus.
