I think this is a great point that is getting lost in this thread. If you have the money, then by all means do what you would like to do and get the best of the best. However, little guys and gals are expensive and if you are just purchasing to document your babies first year I think the Rebel will be more than adequate to take care of that. In addition, I think any of the consumer primes or zooms will do that job just fine. Your camera has high ISO capabilities that are just fine for pictures say up to 8x10 at ISO3200 if you do some noise reduction. If you are going to print monster prints, then I think that is a topic that needs to be discussed.
If you are just getting into photography then I believe it is going to be pretty hard to tell a photo you would take with the 50mm f1.4 compared to a 50mm L series. People that have been doing photography for some time and have seasoning can make the L sing, but for your needs I think the non-L lenses will suit you just fine. Don't get in over your head on gear you may or may not ever use because if you decide that all of it isn't for you, you won't get all of that money back selling your lenses. Best get the needs you need now and worry about upgrading later when that little one starts running around. I was in the same situation you were in when I had my first and it has grown from there. I purchased the 7D when the kids were getting too active that the AF of the current rebel I had couldn't keep up. Purchase when you need, not everything at once because like what was said babies are expensive!





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