Hi, I'm going to be a first time mum too (currently 30 weeks), and have spent the last few months doing lots of travel system research (had some time on my hands!).
I've decided for me to buy the Silver Cross Sleepover Linear, which is a pram-pushchair travel system (also includes rocking moses basket, car seat, changing bag, etc etc) but much bigger than the Bugaboo, so should last longer. We've got a big car, so that suits us, and I wanted a traditional pram the baby can lie flat on its back in for a year, as this is best for the spine. Also that I can park in the garden, at friends' houses, parties etc so baby can sleep in it. www.silvercross.co.uk/sleepover_linear_chassis.php
It's cheaper than the Bugaboo (my best price for the package so far is £450), and when I tried it out, is higher off the ground (closer to my face for the baby, further away from traffic fumes) and very stable/easy to push.
I think having the baby facing you for the first three years is vital for a few reasons, not least child development, speech and comfort. Check out this recent article 'Are Modern Buggies Bad For Babies' (from the Guardian Family section) if you have time:
www.guardian.co.uk/film/2008/nov/22/forward-backward-facing-baby-buggies
I must admit I am a bit turned off the Bugaboo because it's become such a ubiquitous must-have fashion pram, although it's undeniably a great design. Also the idea of leaving any baby under 12 months in something like a car seat, that makes its fragile little spine bend, doesn't appeal to me.
I'm also looking to buy one of the only lie-flat car seats on the market, by Brittax, in addition to a sit-up one, for longer car journeys, as experts say the sit-up car seats shouldn't be used for longer than an hour. www.mothercare.com/Britax-Baby-Safe-Sleeper-lie-flat-seat/dp/B0018MFOCS
Of course I'm no expert, these are just my own conclusions! Good luck, and as someone else said, there's nothing like actually getting into a shop and pushing a few prams around.