I have two boys, 2.5y and 11 months.
Sleep deprivation is the worse, but you get used to it: kids don't know what a week-end is, except they get to see mom and dad all day (both me and my wife have a full time job), so they tend to wake up even earlier on saturday and sunday morning!
Breast feeding is really the most convenient, no baby bottle to prepare in the middle of the night: grab the baby, feed, put the baby back to sleep. It will be hard at the beginning for the mother, you should encourage her if it's her choice.
Get a routine in place quickly, this is especially true when they will get older (> 6 months) for a go-to-bed routine roughly at the same time every day.
Mine slept all night around the age of 10 months (ie. 7:30pm to 7 - 7:30am).
If you are willing to, learn how to tie a baby carrying scarve: they do wonder to get them to sleep when they are very young and free your two arms to cook, eat... http://www.bebe-portage.com/Le-kango...-dos-sac-a-dos
If you like to cook, forget the nice and quiet evening dinner. When you have the time, cook large quantities so you can freeze some. In the first few weeks, even dining at the same time with your wife could be a problem.