S.T.
Hi! I have the Phil and Ted's sport stroller and I love it. I am now pregnant with my second child and went on a search for other double strollers because I couldn't decide if the Phil and Ted's would work for us. (My son with be almost 3.5 years old when I have the second baby.) I decided to keep the Phil and Ted's because I would be able to use it with later children if I wanted to, but also because I just love the size of it. I do like all the extras that other doubles have, but I don't think you can beat the size and maneuverability with the Phil and Ted.
To answer your question about how to fit a toddler and a newborn, the stroller wasn't intended to fit an infant car seat and a toddler. You would have to attach the doubles seat above the regular seat and recline the regular seat to lay the newborn down in. They also sell carry cots that would help you transport your baby to and from the stroller and also to keep your baby warm. I know that isn't really what you were expecting, because that's why I thought I wanted to get another stroller too since not having to move the baby from stroller to car seat is so much easier... Anyway, I have read that some parents have put the doubles seat on the back of the stroller and didn't fully recline the regular seat to fit the infant car seat, but be warned that isn't what the stroller was intended to do. It would be a bit dangerous if you accidentally took too much weight off of the regular seat and the stroller tipped with your older child in it.
There may be another option for you since your children will be closer in age. Here's the link: http://www.toysrus.com/product/index.jsp?productId=3012699
I personally don't have any experience with this particular stroller but I came across it when I researched. The stroller is a double seat, but converts to a sit and stand for when your children get older. You may want to check this out to see what you think about it. It appealed to be because I didn't want a sit and stand for when I have more children, because then I couldn't really use it if my children were closer in age.
Anyway, sorry for the long response, but I hope this helps and just let me know if you have any more questions. Let us know what you decide on! Thanks!