Hi Vega, and congratulations! Best time of your life!!!!
Ok, from my experience (and i am no expert).
My second child is imminent also

, which is why i have upgraded from my JVC MiniDV Camcorder to a Panasonic HDC-SD1. I got this second hand on these forums and quality is outstanding, so if you are going to get an HD LCD TV, then a HD camcorder is the way to go to show off the best quality your TV can produce.
I went for the panasonic as it records straight to SD cards, so no hard drive to go wrong or tapes to mess about with. Also the cards are dirt cheap.
If you want to edit you clips then you will need a powerfull pc/mac. As the HD footage takes a bit of muscle to handle! - There may be other HD cams out there that are easier to edit, but i'll leave other replies for that
Good luck!