We bought a snuggle nest not long after our daughter was born but we didn't end up using it- basically because she didn't like to sleep even that far away from mama! (st six months she still has to sleep pressed up against me
If your babe doesn't mind sleeping a few feet from you then it might work. A couple other things to note though-
a) If you don't have a king sized bed I think it would be very hard to sleep with both parents in the bed and the snuggle nest, unless you are both very thin/petite.
b) I thought that the snuggle nest mattress was too hard- it's basically a thin pad on top of the plastic box part of the snuggle nest. Maybe my daughter was already too spoiled by the softness of mom's bed but she didnt seem to like it either.
c) If your bed mattress is not very firm then the snuggle nest seems to tip downwards (eg, if you sit up on the side of the bed and that dents the bed mattress at all, that tips the snuggle nest quite a bit)
So if you have a very firm king sized bed it might work...I sold mine on craigslist- otherwise I could send it to you to try with the new babe!
I do remember seeing on one parenting list-serv one time that someone said they made their own little snuggle nest for their bed from a cat bed. As long as it was done safely a homemade something like that might be an option....
It sounds like your room might be too crowded for an arm's reach co-sleeper. What about a moses basket right next to the bed?