Hmm... If you're not set on the form factor, then a P&S Canon Elph is probably better and more versatile. The new iPhone should also do pretty well if you're otherwise in the market for such a device. Chances are that the new iPod touch (September) will also do HD video.

Video of a newborn isn't that exciting. Been there and done that almost a year ago. Take plenty of high quality still photos though. I'm just now starting to shoot a bit more video and my daughter is just two days over 11 months. Once they start to get more active is when you'll want some moving pictures. IMO, if something coming out within 2 or 3 months interests you, it might be worth the wait.