I remember how overwhelming it would be. I have had the Graco systems and loved them. Not experienced with Chicco. However, one really nice feature of Graco was in a pinch (you can strap the carrier directly into the car). Not sure if you can with Chicco. Also, check the weight on the carrier for each - they are heavy!!!
Regarding cribs, I bought a nice Sorelle convertible for my first (she's in the bed now at over 3 years old). However, for my son I opted for a crib from JC Penny. My learning - the Sorelle is fine, but overpriced. The convertible cribs are also overrated. I was totally impressed with the furniture from JC Penny. I like it better than the solid maple really expensive Sorelle set.
I would however invest in a good baby mattress - at a specialty store.
You are right, babies don't sleep in the crib right away. Mine were in by 6 weeks however. Before that they were in a co-sleeper in our room. That is a personal choice, but as you mentioned, get a place for the baby to protect him/her from getting smoothered if he/she is in your bed.
Overall, go for quality, but don't overdo. My recommendations... check out JC Penny for cribs/furniture (forgo Pottery barn etc) and go with Graco... it's a good dependable, safe and solid product.
ENJOY!!!!