This is our thrid baby and I'm all about doing things easy!! Mind you, my 11 YO has CP so he has walking frames, sticks, sometimes a wheelchair and so on. I thought about the stroller travel system and if I understand whet you mean (it might be something different to here in Australia) is the car capsule that lifts out to fit in a stroller frame so you don't wake baby and visa versa? I might be way off track.
Anyway, we're opting for a convertible newborn rear facing car seat that can trun around once little one reaches 8 Kg to be front facing with a totally seperate pusher/stroller. I've learned that once babes are asleep, they don't mind being moved too much so I'm not sorried about the waking up in transferring from car to stroller and back again. Babes sleep then they're good and ready and wake up just so as well.
I figure that with the travel system, you end up outlaying for a second contraption later anyway once the baby gets a bit bigger and more independant - which doesn't take long!!
I have a Graco Quatro Tour travel system. It was great for when DS was little (ie. when he was still in the little carseat, before he could sit up on his own). Once he was able to sit up on his own, I was actually happy to switch to a much smaller, portable umbrella stroller - the big travel systems can be awkward when shopping in stores with narrow aisles, etc.
DS is nearly 3 and hasn't been in a stroller for a LONG time now - once he could walk (by 11 months) he wasn't content to sit in a stroller and watch the world go by. It will be strange to have to use a stroller again when baby no. 2 arrives in the new year!!
we bought a travel system stroller, havent got to use it yet but we pushed it around the store for a little bit, then open and closed it made sure i could lift it without problems and that all worked out fine.
I am a first time mommy and I feel like I am registering for EVERYTHING! LOL...I actually used the check list from BRU and went from there. After I got most of my stuff registered for, I went over it with a friend of mine who has children and she told me what to keep and what to take off. (Although, not much came off) What I really liked was reading the reviews for the items that I registered for online. That really helped with our decisions on certain items.
As for the travel system, I personally am registering for a travel system. Yes I think they tend to be bulky but I think they would last longer for the older children. Like I said, I am a first time mom so I may not know what I am talking about, but it is just my opinion.
Congrats on your 1st baby!