I stay at home. My husband usually works between 44 and 48 hours a week. I have one preschooler and one Kindergartner. I pretty much do all the cleaning and cooking. I think since I'm the one staying home I should bear the brunt of all the household chores. If my husband were the one who stayed home, then he should have to do them. He does small jobs around the house and cooks some meals. What I appreciate is the fact he takes the kids in the evening and plays with them, and is in charge of baths. I love my children to death, but by that point in the day, I'd rather have some peace and quiet while cleaning up after dinner than doing bath time. He also picks up the slack, chore-wise, if I'm sick. He does all the yardwork (I made it quite clear I don't do yardwork) and the bills, etc. I pretty much am in charge of the inside of the house, and running the non-paperwork household affairs.
The house is pretty clean. It has to be, we're trying to sell it, and you never know when to expect someone coming by to see it. (Although the housing market is soooo slow here, but that's another story.) I've found I just have to make myself keep up on the cleaning, and if I put in 1/2 hour to 45 minutes a day of cleaning, my house looks better than 99% of the houses we've looked at.
I think the important thing, is like palmtree67, he doesn't make me feel like it is my job to do all these things. When the kids and I decide to have a do nothing and play all day kind of day, he never makes me feel guilty for not doing much but playing with them all day. He is also appreciative of what I do, and we both know his going to work and being the boss is very stressful, etc. it isn't like staying at home all day with two small children is a walk in the park. I think we both respect what the other does and realize that some days are harder than others for both of us, and one of us always picks up the slack for the other when it has been a long day.