I'm another one that would definately not spend a ton of money on a crib. I refused to pay more than $250 on a crib and ended up getting the JCPenney Renew crib that gets excellent reviews and has never been recalled. It's great. Plus, DS spent the first 5 months sleeping in the pack-n-play and then would cosleep with us the second half of the night once he was in the crib. He even went through a period of about a month or so that he refused to sleep in the crib at all. I would definately save the extra money and put it towards a nice stroller, a few diaper bags, and a nice crib mattress. It was really important to me to get an organic mattress since babies spend soooo much time sleeping and regular mattresses are filled with chemicals. I also wanted a latex mattress, instead of cotton, since my first DS had really bad eczema and I wanted to avoid any potential dust mite allergies. Dust mites can't live in latex.
And oh yeah, that crib your wife likes is really girly, which means if you end up having a baby boy in the future you may not want to use it for him.