Gosh, this thread moves too fast! A couple of people were asking about the baby hammocks - we bought this one www.moffii.com , it was the best investment.
Yes, swaddling works very well with the hammock, we did it a lot. In fact, just being in the hammock is already a semi-swaddled position, as they are really snug in there (one reason I believe helps with the sleeping).
We had absolutely no problems with the transition into the cotbed.
And it's so useful - during the day, we'd move it around the house, you can hang it from the door frame, so DS would usually have his nap downstairs somewhere, and then for the night, we'd hang the hammock off the frame in our bedroom. Great for travelling, too, as the hammock packs down really nicely (although you need to find out if the have proper door frames at your destination 
), but it meant we didn't have to worry about taking a travel cot/moses basket everywhere we went. We did have a moses basket, but DS really wasn't happy in it, so we just never used it. Can't recommend it highly enough!
Oh, and someone asked about the Stokke Sleepi that we got secondhand - I found it on eBay!