I've gone both ways - DD went straight into her cot in her own room, DS is in a cradle in my room but has daysleeps either in his cot in his room or the portacot in the loungeroom so he's in the a/c.

For me the difference was how far away from my room is bub's room. DD was right next door, with the doors open and me being a light sleeper I could hear her stirring at night with no problems. She was also quite a loud/mobile sleeper so would've kept me awake having her in the same room. DS's room however is right down the other end of the house at the end of a long corridor. I'm not comfortable having him that far away from me at night, and it's lots easier when getting up for night feeds. He's a much quieter sleeper though, so no real problems having him in my room until he gets too big for his cradle.

I think if you're able, give yourself the option of either and play it by ear once bub arrives.