Baby Must Have?

As a first time mom, I'm faced with the many options when it comes to baby.What will be functional or what is a waste of money?
I came across the Arm's Reach Bassinets (you can check out their website HERE) in a magazine.
I'm intrigued but not quite sure whether or not I want to spend the money on this.

It's totally fascinating though.
Take a look at this picture... it says it all.

Baby sleeps in their own space but is conveniently along side you for feedings throughout the night.
My dilemma... I don't necessarily want to co-sleep.
After the first few months I plan on putting baby in his/her own room.
I also don't plan on breast feeding.  The plan is to exclusively pump (a huge topic for another day).
I have a lot to consider before buying one.
If I buy this and then a crib for baby's room, I'm in a good chunk of money on furniture already.
Right now, I'm leaning more toward getting a crib for baby's room and using something else until baby is big enough to go to his/her own room.

This is probably the one I would choose if I buy one.
It's the Original - Natural Liner.
Arm's Reach offers few different colors as well as different models.
Mini models, Cocoons and even those that are more like a crib.
Check out their website for more info (http://www.armsreach.com/).

Arm's Reach also offers something that caught my eye... being a doggy lover.
This!!

My dogs currently hog up a lot of the bed - yes my dogs sleep with me.
I love cuddle time at night with my doggies.  
It'd be nice for them to utilize their own space instead of all my mine though.
I don't know that my dogs would even use this, but I think it's a great concept!