DS slept in his PNP for the first 3 months because we didn't have a crib yet and slept in his PNP for the couple of road trips we've been on. We've never used it for anything else so far. DS isn't crawling yet so we haven't used it for containment, but if you have a superyard you might be set. Sounds like for your needs you might not need a PNP. And they do indeed take up space even when folded up.
The bassinet feature is not the same as the newborn napper feature. The bassinet is a thin net/mattress that raises the whole bottom of the PNP. The newborn napper is a little snugly cradle-thing that sits on top of the PNP.
This picture shows just the bassinet:
http://www.amazon.com/Graco-Pack-Pla...ref=pd_cp_ba_2
This picture shows the newborn napper:
http://www.amazon.com/Graco-Playard-.../dp/B001PIJEJE