All three of my older children chose to attend the homebirth of their youngest brother three years ago. We did some preparation and had care givers around to care for them if they wanted to leave. It was a very positive experience with my daughter who was 7 cutting the cord, my son who was 4 announcing the gender and my 2 year old son showing us how to dress out new baby by dressing his baby doll.
I try not to post mostly original content however I really think this blogger did an excellent job of finding and classifying youtube videos that would be appropriate for children at different levels. Enjoy!
Video's to prepare children for childbirth.