Personally....I would not get a travel system. You can get a car seat and one of those stroller frames that you can snap the seat into for alot cheaper. http://www.toysrus.com/product/index.jsp?productId=2327597
I think the frames are about $50. I hated the big old stroller and I never used it. Just make sure that your carseat has a higher weight limit on it cause some of them only go up to like 22 lbs and with alot of babies that is not going to last you very long. (my son was out of it around 4 months)
Here is one with a higher height/weight limit:
http://www.toysrus.com/product/index.jsp?productId=2400897
I am getting ready to have my second and I am planning on going a very different route this time...I hated lugging around that carrier...they are soooo heavy! Instead, I have a convertible carseat that can be used for an infant for one of our cars and my old infant seat in the other car, but I am just going to take the baby out and put them in a sling/soft carrier rather than taking the car seat in and out. Yes, the baby may wake up a bit, but I also felt like the baby was always in the carrier and not getting enough physical interaction...I would rather hold him, kwim?
I have a fancy umbrella stroller that I spent alot on but I LOVE that I got for my older son when he was a little bigger and I will use that once the baby is big enough.