we've bought a similar M&P travel system, where the pram carrycot can be used as an occasional overnight moses basket. However - all the manufacturers say it should be occasional overnight use only. They're fine for naps, or the odd night, but you should really find something else for everyday (night?) use.
Don't ask me why, the advisors I spoke to (M&P and John Lewis) said it's something to do with SIDS and regulations, height of sides, construction, ventilation and hygiene (esp if baby's in it for some of the day too). I got slightly bored by the spiel and stopped listening. I also realised that once you add a mattress to the carrycot, it starts getting quite heavy (you need a mattress if you're going to use it overnight) and I thought I would quickly get bored of a) lugging it up and down stairs and having to keep putting it on and taking it off the chassis and b) changing the sheets on it every other morning or however often the nappy leaks, especially if it's still damp when I need to use it as a pram. If you have a separate basket/crib, it does at least get a chance to air, which is much healthier.
We've got a crib for the first few months (the one I has as a baby, so no real decision made). However, you can buy Moses baskets pretty cheaply (there are quite a few in TK Maxx at the moment) and they're a lot smaller and you can move them around. You can get rocking stands or fold up ones, so whatever suits the space. As others have said, the basket is likely to last about 4m, and the crib about 6m. Although the guidelines all say you should have the baby in the room for the first 6 months, all of our friends just laughed when we discussed it - the babies were moved into their own rooms any time between 1 week and 4 months, when the parents just couldn't take it any more!
If you're very tight on space, and depending on your own feelings, you could get a Snuggle Nest. We've bought one, it says particularly suitable for newborn/premature, and for use <4m, but I know quite a few who've used it for full-term babies up to 6m. It's a kind of box (DH has already nicknamed it the Baby Box) and you can place it between your pillows on your own bed, and then lift it into the cot in another room without waking up the baby. I think we might be using it to get the baby used to waking in another room, even if it has to get to sleep in ours. Plus the box will provide a familiar environment. We're also going to use it downstairs during the day to start with - it can even be placed on the sofa/armchair so the baby is secure and won't roll off.
http://www.jojomamanbebe.co.uk/detailfa ... gory=GST81
- but they're cheaper on Amazon and elsewhere (come in blue and pink) and we got ours for £19.95 at TK Maxx.
HTH!
