I'm on paternity leave in California right now and if it wasn't for my wife's employer offering benefits far above those the government offers, we wouldn't be able to afford it.
Two things I've observed so far are that with my wife breastfeeding, she keeps her days full, but I'm bored out of my mind. It's not like the baby does anything other than eat and sleep. The other is that new mothers are typically accompanied by their own mothers - so my wife has her family around, which is great for her - but it's not the same as having my own family around.
She loves the outcome; I love the outcome; the kids love the outcome. It was about as close to a no-brainer decision as I've seen on an important topic.
The ladies at work here seem to be out for 1-3 months after giving birth, in most cases.
Parenthood can be a vacation or hard work depending on whether you are a good or bad parent. Just being a parent does not mean that it is difficult work. And if it is hard work, it can be easily argued that being a parent is more meaningful work than 99% of corporate jobs.