#1 & 2 here.
At nearly 3-1/2 they are still *way* more work than the baby, though they do wake up at night less often than he does.
My best friend has a friend who had a 3 year old and they twins, then I had 3 year old twins then a baby & we each swear the other had it harder. Having some parenting experience under your belt may make it easier in some ways, but two newborns, even if they're still mellow, have a lot of needs & it seems to me that it must be a hard adjustment for the older child, especially if there's just one and s/he is young.
SAHM to F & P, : fraternal twins born 3/05, : I, born 12/07 & at 5 weeks in July 2009