We let both of ours sleep in bed with us, in the begining. When we got Melvin he was so tiny, he could easily fit in the palm of my hand. So when it came time for bed we put him in bed with us, and he did fine. However, there was one instance where I heard (I think I dreamt it) him scream, I woke up just in time to see Shane rolling over on him and snatched him before anything happened. Needless to say from then on, he slept on my side
away from Shane. He slept with us untill he ruined my down comforter.
Then with Marilynn she slept with us for a long time now, not so much. She loved to crawl under the covers and sleep by our feet, in between your legs. Or on the pillow like us. I would def. put pillows on the borders and between you and the baby. I'm a pretty light sleeper and am generaly aware of where she is at all times, I suppose I'm lucky in that sense.