Sex after babies?

[Fast Food Knight]

So 'Chair and I were just out to lunch at the Cheesecake Factory (yum) and got to discussing sex... standard. Our conversation landed on the topic of having babies and how that can really change a woman's body.

My question (or fear?) is: does having a baby totally change the vagina and make sex less pleasurable for either or both parties? I know that having a baby affects women's bodies differently (for instance, my mom had a 6-pack when I was a toddler, but then you see the moms on Discovery Health channel who have like six inches of hanging skin), and I'm wondering if perhaps it's the same with the vagina?

I'd love to hear from any of you married-with-kids guys or perhaps any of you who have just banged a lot of moms. Is the tightness gone after childbirth? Temporarily or permanently? Better yet, have any of you had any experience with vaginal rejuvenation surgery?

I'm expecting a lot of "Ewwww gross!" reactions but if you think about it, this is something that will probably eventually affect a lot of the people in this forum, if not already. So spill the beans!

EDIT: I am not planning on having babies for another ten years, I'm just curious.