BTW, this was my only big splurge. Everything else is second hand or was bought on sale. I feel like this is the most important purchase of the nursery and thus spent more on it than anything else. IE my changing table was free, my mother gave me my rocking chair when I had my first DD, and I just bought a white dresser (yes, I know it doesn't match, but it was only 20$ so I couldn't pass it up). The only other major purchase that I will not budge on is a breast pump. Definitely buying a new medela pump.
The crib was the one thing I spent alot of money on. I didn't want to get one that was made over seas with all the lead problems lately. You want to make sure it is very sturdy so if you can shake the crib and it gives to much pass it up. The slats must be less than 2 3/8 of an inch so as to avoid getting hands, legs, and most of all the head caught in between. Personally, I am using a crib bumper, my first was 9 years ago and she is no worse for the wear. However, I did take it out of the crib when she started pulling herself up, but for now baby rolls and so I would rather have the bumper to avoid to bad of knocks to the head. Just make sure it fits snugly around the crib. I spent 600$ on an american made all wood crib that turns into a toddler bed, daybed, and later a full-size bed. Pictures of my crib are posted if you want to take a quick peek.
whatever you do, don't get a simplicity crib. they get constant recalls and i have read just horrible things about them!! i have a westwood-baby and it has excellent ratings. it's in the mid-price range and i am very happy with it.
as for bumpers, that is a constant debate. to be on the safer side, you may want to purchase a meesh one... i'm wishing i would have done that, and may do it eventually. they are breathable so if baby got herself in the corner, she wouldn't sufficate. and, they do the job of a bumper--keeping arms and legs from getting stuck in the crib rails.
good luck!! crib shopping was very difficult for me so i feel your pain ;-)