I saw the post about searching for a travel cot - we've got the phil and teds one. It was ~$150, so not exactly cheap. I love ours, but it may not be right for you. The selling point for me was the weight and size as I took it to India with me when I went on a business trip with my then 6 mos old daughter - I was traveling alone so it had to be light and small. She's now 1.5 yrs, and we have taken this thing camping and use it at least once a month on date nights when we drop her at a pj party walking distance from our house. (She won't fall asleep otherwise... and she turns into a pumpkin at 8PM!)
The cons - it is hard to put together - not like the pack and plays that can be fully assembled in seconds, this one takes minutes. Basically, it assembles like a tent. It has a thermarest air mattress, which is not very plush, but fine for my daughter, and probably awesome if you'll be using this on a carpet. It is reasonably skinny, so it works fine for my kids, but may not be for everyone. You'll want to make a sheet or something for the air mattress as it is really a scratchy, standard thermarest. I made a sheet, but I bet 2 pillow cases would work...
So, I actually love ours, but I admit if a standard pack and play would meet your needs, those things are cheaper and easier to assemble. Plus everyone makes a sheet for those...