Hi Joanne23,
Our daughter was in a camp cot in our room for 9 weeks before we moved her to her own room. She was born in the winter of 2012 and it was just easier on all of us (especially in terms of feeding). The intention was always to move her to her own room as early as possible, only at 9 weeks did I feel ready. You always paint the worst picture for yourself, like that they'll just stop breathing or you won't hear them if they cry.
Our son is currently 4 weeks old and again in our room for now, he'll probably move to his own room in the next month. Both my babies are very noisy sleepers, my little boy grunts and groans in his sleep to the extent that I can't sleep!
From my experience with my daughter I know that we all slept better once she was in her own room, we bothered her as much as she bothered us! I still slept very lightly, but it was definitely much better.