I guess it'd depend on the layout of your house and how comfortable you'd be having bub in a different room. When DD was born she went straight into her cot, but her room was adjoining mine and I'm a very light sleeper at the best of times - with both doors open I had no problems hearing her when she stirred. She did look super tiny though!

This time, we've bought a cradle and plan to have Penguin in our room to start with as his room is right down the other end of the house. Even with a monitor I think I prefer it that way, as much for convenience with night feeds etc as anything else.