I have the PNP with the newborn napper/rocker and changing table. We plan to use this in the bedroom and use the bassinet feature as his primary sleeping location unless he hates it. Then we'll try his crib. I personally think it's risky to not have a crib when baby comes home; you never know what you and the baby will like best. But that's just me, and I'm sure there are plenty of families who go without a crib for the first few weeks just fine.
I bought a two pack of playyard sheets from Target for $9.99. They seem just fine IMO. I registered for some Graco ones and didn't get them, so just went with the Target ones.
I wondered the same thing about the changing station, and am curious to see the answers to that part of the question. It seems risky to me to keep the changing station attached, but it would be a PIA to have to put it on every time I want to change him in the middle of the night.