Go with your instincts and whatever feels right...as the mum of a newborn you might feel very vulnerable, or ill, or you might be feeling great and keen to show your baby off to everyone.
I agree with previous posters who said that hospital visits are good as they're time limited. I gave birth at 12 noon, said no visitors for the 3-4pm slot, but my dad came 7-7.30pm, then MIL and GMIL visited 7.30pm-8pm. I was happy with that as I then didn't feel pressure for them to visit at home ASAP.
When we arrived home I was quite poorly (ended up being readmitted to hospital the next day) and MIL had brought GMIL to the house, plus my mum was there too. I found it really, really stressful with too many visitors and ended up asking MIL to take GMIL home, which I don't regret at all as she was a) unable to help as she's not well/strong enough and b) doing her usual filling every silence with pointless chitter chatter which I can usually tune out but this time it nearly sent me over the edge!!! MIL and mum were great, helped out loads with housework, food, breastfeeding support, holding DD so I could shower etc. but we tried to coordinate it so they both weren't in the house at the same time.
Once immediate family had visited I invited my friends who live close by up one afternoon, so it was an excuse for us to all see each other, plus I only had to look presentable and have the house looking presentable once rather than 5 times! It was ace and we all had some fizz and a really good chinwag. I almost forgot I was a sleep deprived new mum and felt like the 'old me', plus they all wanted to know details of the birth, my hospital stay etc, so having people all together meant I didn't have to repeat myself umpteen times.
Apologies for long post, basically, go with what feels right for YOU and don't worry about hurting people's feelings. People should respect your need for space and time to get used to being a mum, and bonding with your baby. If your MIL is possessive and controlling then STAND FIRM. Remember, you're the boss, you're the mum, you're in control. Good luck and enjoy your newborn! 