For the record, I think the reasons so many mothers put up pictures of their kids as their Facebook profile pictures are that 1) we have way more photos of our kids than of ourselves, and 2) we think we're fat and don't want people from high school to see that. I don't think it's any big social statement or grand conspiracy of sacrifice and sublimation.
"I'm wondering how others have managed the logistics of having an older child and a new baby in a house / space designed for a single kid? We have a 2nd baby on the way and a 5-year-old boy and live in a 2-bedroom bungalow. I'm guessing we'll have the baby sleep in our room for the first while, and then transition s/he to share the other bedroom when the time is right. I'm interested in strategies and experiences - what worked, what didn't work, how your first child handled sharing their room, etc."
I think this will probably be fine because your older child is 5 already. Once the baby is in the same room with your older son they won't have the same bedtime anyway, so you can put the younger one down first and then deal with the older one. Plus, the older one can understand that sometimes little kids wake up at night, and just go back to sleep.
It's my suspicion that this will go pretty smoothly, because the age difference is great enough that your older son won't want to be the baby anymore and won't be jealous, and will understand that babies need to be taken care of and helped to fall asleep, etc.
The suggestions I'd offer about putting them in the same room are based on having kids closer together in age (making sure the older one feels like a big kid, etc.). Who's got experience with siblings sharing a room with a 5+ year age gap they can share?