My kids are 3 yrs 4 mos apart, and I love it! When DD was born, DS was independant on the potty, able to get his own simple snacks and drinks, and was able to delay gratification. But he was also still napping, so I still got to take a nap with the baby daily.
Now that they're older, 5 and 2, they play together so well, and any rivalry is easily resolved.
But both my kids are laid back and very easy-going, so maybe that's why it was so easy.