In or out?

The question is: Would you have your baby sleep in your bedroom for the first few months? Or would you not?

Now, I have heard different and contrasting views on this matter, so I'd like to ask your opinion. 

Here in the UK the midwives usually suggest having the baby in your room for the first six months and then move her to the nursery. Apparently this is good for different reasons, the most important of which is that the baby will imitate your breathing techniques, and therefore there is less risk of cot death or apnea. 

I also think it's very common in London to have the crib in the master bedroom for obvious space issues.

This is our situation. We live in a two-bedroom flat. We are quite lucky to have an exceptionally (exceptionally for London!) big bedroom and a smaller, but still decent size, second bedroom. When we found out I was pregnant, we immediately started thinking of sleeping arrangements and we decided to keep the second bedroom as our guest room. Between August and November we will have lots of visitors coming to meet the baby and it didn't make sense to us to give up the second bedroom and have the guests sleep on air mattresses in the living room. So, at least until the end of the year Baby O will be sleeping with us. By then she will be around four months old.

We have therefore put the crib in our room, next to my side of the bed so that it will be easier for me to take the baby and carry her to the living room for night's feeds and to the bathroom for diaper changes. This is how it looks at the moment:

I don't think we have much of an option at the moment but I would like to hear your thoughts. Many friends and colleagues have told us that it will be impossible to sleep with a baby in the same room as babies make constant noises. Of course, we will just have to wait and see...I hope that by the end of the day we will be so exhausted that it won't be difficult to fall asleep. 

Does your baby sleep with you in your bedroom? If so, would you recommend it?