I had one for my first, I was going to set it up as a side-car to the bed, but I never got around to it. I'm eyeing an Arm's Reach Co-sleeper at the NEX right now, and my husband's reminding me very stridently about the crib fiasco.
Whatever works for you, of course. I know some people who've tried co-sleeping but couldn't relax enough with the baby in bed, and when I wake up in the middle of the night to find the youngest laying sideways with her feet propped up on my side I can understand not...
Inca's Momma, it sounds like maybe you'd get more use out of one that played CDs. You could use say an ocean sounds CD for a very small baby, and then he could use it for other CDs as a toddler. Don't know how well that would work out, but it's a thought.