Bi-lingual Children?

Is anyone currently raising a child in a bi-lingual environment?  Or, is there anyone planning to do so?

We plan to raise our children speaking Spanish and English, and I am very curious as to the methods being used by parents.

Our current method:
My husband, who is a native Spanish speaker, will speak only Spanish to our child from Day 1.  I will only speak English to the child.  We have been told this is the way to do it so the child doesn't get the two languages confused.  Plus, I don't speak Spanish (yet!); however, I do understand it, so I can still understand what my husband will be saying.

We also plan to teach our child basic sign language from the beginning.  I have seen this work miracles with some of my nieces and nephews who were late bloomers in the speaking department.  My theory is that if we teach the child basic sign language, it will not only help with its hand/eye coordination and brain development, but it will help correlating the English and Spanish words that are being tossed around.  For example, if the child knows the sign for 'Thank You' (Open-palmed hand, facing face, starts on chin and comes out away from chin.)  And, it sees/hears Daddy saying 'Gracias' and doing this gesture.  And, it sees/hears Mommy saying 'Thank You' and doing the same motion - it will put these words together.  Also, we have heard that children being taught two languages at once will not speak as early as they would otherwise - so we figure if we teach basic sign language, that will help with communication at an early age.

Thoughts?  Am I being totally too optimistic?!  Do you think we'll crumble by Day 3 and ditch Spanish and Sign Language, and just go to English only?!

Side note:  I HATE saying 'it' and 'the child' about my little, growing miracle!  I can't wait until mid-February when we find out what 'IT' is so I can refer to 'IT' by name and 'he' or 'she'!!!