There have been reports in recent months where parents are discouraged from sleeping with their babies by their side. Apparently this has to do with the increasing number of Sudden Infant Death Syndrome (SIDS) to which the little tykes may have issues such as breathing and suffocation if not attended to properly.
However, a study in the UK revealed that there is nothing wrong with sleeping with your child as long as you consider the following constraints:
1. Intoxicated or Alcohol drinking parents
2. Parents who smoke or drugs
3. Larger sleeping space; Avoid the sofas or cramped sleeping areas
(Source) Telegraph.co.uk
Also see other interesting tags at SleepZine: alcohol, babies, constraints, drugs, little tykes, parents, sleep, sudden infant death syndrome, sudden infant death syndrome sids
The American Academy of Pediatrics does not endorse co-bedding with your baby. A safe alternative is to place a bassinet at the bedside.