Here's what we did:
We had a daughter a little over two years ago. Wife has stayed home since then, she's going back to work in August. I took a month off, and then used sick leave to work 3 days a week for the next five months. Then I was back to full-time. In a few years (3-4) a potential plan is for me to go to a 9 month teaching position (currently admin). My wife is also 9 month teaching, so we'd all have summers off. We'll see.
I work in a very supportive environment for this kind of thing (in terms of policies). Wife has kept her job, is just on unpaid leave. And my job was protected for 6 months after my daughter was born, I could use as much leave as I wanted during that time. However, culturally, there have definitely been some questions. Multiple guys I work with said things like "boy, it must be great to be out of the house" or "it must be great to be back". Nope. Would much rather be home with my family. I also feel like it would be challenging to be promoted further, although I think that has more to do with the fact that I don't check my email / phone 24/7 than anything else. Fortunately, the position above me doesn't appeal to me at all -- too much travel, constant communication demands, lots of dotted lines, etc.