New baby sharing a room with older child, not sure which route I should go!?

We have a 3 bedroom home. My 15mth old will be 20 months when the new baby is born. I was thinking of having the two share a room and then having a play room. Of course, the new baby would be in a binet in our room for the first few months anyways. my 15 mth old already has so many toys, plus with the new one all the swings and bouncers, I figure would go in the play room as well. What do you think? I'm afraid of the different sleeping habits wouldn't work well together. Any advice from anyone who has done this?