Would our relationship suffer?

Yes, but you'll grow stronger. You no longer think of yourselves first, but a child. This is regardless of 1 or more kids.

Would my life be over?

For a while, yes. But you can still do things and go out, have fun.

Would I have to give up my hobbies?

Depends on your hobbies, but probably not. You may have less time to do them. Also, if your hobbies are life threatening or dangerous, they may take a backseat since you don't want to orphan your kid.

Would I never be able to sleep again?

Yup. You'll have broken sleep for a while, but you'll get it back. I sleep perfectly fine now.

Are some people being overblown?

Yes and no. Some people over dramatize it, but it's certainly harder than you think.

Do any of you have a chronic illness as well? Can you make it work?

Depends on the illness, but yes, you can make it work.

I feel like I'm hearing from a bunch of helicopter parents. My fiancee and I decided we should think about it. I can see good cases for it and good cases against it. I'm 34, and she's 33. Mainly, my case against it would be that it might wreck our 8 year, really-awesome relationship. If we did this it would be around her being 34-36 and me being 35-37.

I could have seen myself not having kids. I wouldn't give up my kid, but it certainly changes your life dynamic. If you have local support nearby, it makes it easier. My wife and I went to the movies together for the first time in 3 years. Our families aren't close by, and we don't use a babysitter.

But, you are getting closer to 40 and it will be easier to have a kid when you're younger. Honestly, I wish my wife and I were both younger when we started.