L.G.
I went through this with both my babies. My first ended up sleeping with us - we all slept much better that way and we got lots of awesome snuggle time! There are downfalls (we are trying to get him to sleep in his own bed now, but he ends up in our bed every night in the wee hours!) but I think it's all worth it and studies have shown that co-sleeping can have some great positive impacts on a child's confidence and temprament.
Now with my daughter, I was nervous of having her in the bed with my 2 year old and his wild limbs and worrying about him rolling onto her, so we have a playpen right next to our bed and when she has trouble sleeping in her crib (or wakes up and wants to play) we put her in the playpen and she can reach out and touch me or I hang my arm in there and she holds my hand when she needs soothing. My kids share a room and we started this because we didn't want her waking up her brother, but its worked out pretty well so far (she's 9 1/2 months).
In end - do whatever works best for you and your baby. You both need to sleep! Good Luck!