Hi G. - first off, congratulations!
You are correct - bassinets do not have a long shelf life. If you decide to purchase one, read the product information as they have weight/height limitations. Our bassinet could hold up to 13 lbs. So, if you think you are going to have a big baby, the shelf life will be in shorter.
Our son sleep in a bassinet for the first 2 months of his life. He was colicky and wanted to constantly be held or rocked. It was nice to have the bassinet in our room. When he started crying whoever was "on duty" would reach out and rock the bassinet . . no need to get our of bed! Another big plus with the bassinet in your room is if you plan on nursing. I would just pick him up, nurse him in my bed and put him back in his bassinet. I guess you can get a co-sleeper - it attaches to your bed. But the idea of my baby sleeping on something the hung off our bed freaked me out a bit.
Another pro - some experts say that newborns may feel more secure in a bassinet b/c it may be scaring for a tiny newborn to be in crib that will feel massive to him/her.
We definitely wanted our son to be able to sleep in his own room. The great thing about our bassinet was when he eventually started to sleep for longer periods of time, we would wheel him out of our room and into his room.
Other than a short shelf life, the only con was newborns make gurgle sounds when they are sleeping. I am a light sleeper so I had a hard time falling asleep when he was in our room. But our bassinet had wheels, so I had the option of wheeling him back to his room.
Also, bassinets are not cheap. Given it's short shelf life, if you can borrow from a friend, DO!
Good Luck!