I too am on my first pregnancy, and I would be more than happy to have a student present at the birth. It does help me to know that midwives have usually gone through about 3 years of normal nursing before they get to midwifery.
I have also been told that students actually take a lot of care when doing things because they don't want to muck up, so Iguess i'm saying they don't just assume they know what they are doing. No offence to any nurses etc out there, but students are really cautious.
Plus as some of the ladies said they are so excited, and because they are learning they have the time to spend with you where the other midwives might have a few other women to monitor.
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