Thanks guys, I am really keen on the IKEA cot (after perusing the prices of other more fancy pants cots ... my goodness there is a variance in price!!). I've always been a firm believer that you get what you pay for - but I think IKEA make a good product.
As this is our first, I want the cot to be durable and reusable for any future bubs, but I equally don't want to be devestated (say, if we purchased top of the line cot) if our first bub "characterises" the cot with bite marks etc.

I don't live in Sydney metro ... so a shopping spree to IKEA will involve a trip down the F3 freeway ... but from all your advice I think the trek to IKEA would be worth it.

Thanks again everyone, I'll keep you updated - and I welcome many more comments!