ok...well i've actually got both of these items.
we bought the snuggle bed to put between us when co-sleeping and absolutely hated it. we used it for about a week and then couldn't handle it anymore. we just found that it took up so much room in our queen size bed that we couldn't get comfortable- it was like sleeping up against a wall.
also, one of the best things about co-sleeping is that you can just whip your boob out for a quick bf, but i found that with this thing, i couldn't reach my boob across the side of it, if that makes sense? so i used to have to take ds out of it to bf and then put him back in it...ahhh it was basically a nightmare!

i've bought a hammock to use with my new baby when its born, so i haven't actually used it yet (ds is too big for it) but i'm really looking forward to giving it a go as it looks like it will be fantastic. there's lots of threads on here about hammocks and lots of ladies on here swear by them.