I'm doing nursing rather than midwifery, but I'd imagine the hours are pretty similar. I finished first year before having my eldest daughter, and I was just over halfway through 3rd year when I had my second.
I won't lie to you, it is HARD. But in some ways, it's better. I'm more focused now, and I have to be dedicated about getting the academic work done. When on placement, I tend to feel the separation more. I went back when Roo was 11 months old, and it was straight onto placement with long days. If I had back-to-back shifts, I basically wouldn't see Roo for those days as I was out before she was up and home after she was in bed.
The thing is, I love nursing. And I know that in the end, it'll mean a better life for my children as it's a skill I could take anywhere. Also, I know that the course is only 3 years, so it's not as though it lasts forever.