Sorry for being somewhat late, but congrats Cheapy! (Although, is it wrong of me to imagine Mrs. Cheapy breaking the news to you with subtle hints, ala to Bruce Willis in Pulp Fiction?)
Soon, you'll realize that sleep will become a form of currency during midnight feedings and such. ("I'll get this one if you rub my feet in the morning...)
Totally worth it though. My son turns 4 in a few weeks and he's already beaten Golden Axe on XBL. (In fact, he figured out not only how to download movies and games, but how to buy MS Points. He then figured out how to reconnect the wireless adapter when I tried to put a stop to that. I even had to give him his own gamer tag when I realize I now have friends in Japan and Mexico on my friends list...)
When he gets older and you have someone to game with, it is so cool - it kinda re-ignites some of the excitement when watching him play something like Super Mario Bros for the first time and figuring out things in the game that we have known for 20 years and have taken for granted...
EDIT: Thank you for mentioning what a waste themes are now! I bought a Dead Rising theme (the Jessie one, which is supposed to be fan service), andthere is just no point to the themes anymore. Everything ends up totally covered! (I checked out a few other themes I had gotten in the past, such as PDZ, and while most of them are just ugly, the ads on top just make them uglier. I ended up just going back to the Glass theme...)