Small apartment living

Bebhinn • Expecting our first!
My hubby and I are expecting our 1st and were in a one bedroom apartment. Our bedroom and living room is really decently spacious it'll be a matter of using the space the best.
What would be some best small space solutions you guys might have used?  
What's essential what should we pass on buying?
Has anyone used a pack and play with bassinet as an alternative to a big crib?