Great site! I just finished reading through it and decided to post my situation. My wife and I are expecting our first child in a few months.
I am a Cuban American who was born and raised in this country, but spoke spanish at home. I am fluent in Spanish and English (obviously). My wife is American and has very basic conversational Spanish skills. One of our goals is to raise a bilingual child. However, with my wife being the one who's at home most of the time, I think the best strategy is for us to do the OPOL method (her English, me Spanish). After my wife goes back to work (after 3 months or so), we will hire a spanish speaking nanny.
Beyond that, is there anything else we can do? At first I was worried that I wouldn't have much time with our child during those first 3 months (while my wife is mostly with her) and that Spanish just wouldn't be absorbed. But, after reading some of this site, it seems that 0-3 months isn't exactly the prime language absorbing age.