One of my favorite baby items has been the Brica Travel Bassinet I received as a gift from work - it is super light weight, folds flat, and is really easy to take anywhere. Sophie slept in it for about the first 8 weeks of life, and now it's her bed whenever company comes and she get's kicked out of her room.
When she used to stay up until 2 am we would just put the bassinet on the coffee table in the family room since she was the last one to bed. Now that she goes down at a more reasonable hour she needs a place that's a little less public so we put her in our closet. It's kind of like Harry Potter's cupboard under the stairs, but at least there are no spiders :)