What if the father also realizes that nothing is or could ever be more important than that the baby, and recognizing that being a daddy is also incomprehensibly important?
Then he can stay home and the mother can work. I, personally, don't think there's anything wrong with having a stay-at-home dad and a mom who works if that's what the couple prefers - just as long as there's one parent at home. To me, it seems pretty clear that there are two parents by design (or natural selection) so that one can raise the children and the other can put food on the table. I think both roles are equally important and generally equally difficult (in different ways). Generally, it makes no difference to me who does what.
Having said that, I also think that at least for the first 2 years or so of a kids life, there are a couple of advantages to having a mother at home rather than a father. They won't make or break the situation, but in my mind they give a slight edge to having the mother stay at home at least during that time. It also works out a better logistically to have the mother stay home if you're going to have more than one child (so that the breadwinner doesn't have to keep taking time off for pregnancy) - that is unless of course you're working at a place w/ great maternity benefits.
Once again, I know (from previous experience) that this opinion isn't very popular on these boards, so take it for what it's worth.