If you have the basinet attatchment with the playpen, that will solve the issue of having to bend too low! However only suitable for first 6 months, as safer to place lower once bb can sit up!
I used playpen for my first, and intend to for 2nd too! I find after putting in a good matress, it is very stable.
I did have a cot, but I found it very dangerous when bb was learning to stand (8/9 months old), would fall back from standing position, and hit back of head on e wooden cot railings. Got bumper also no use coz it doesn cover e top part, unless you make sure bb never ever try standing inside.
For this purpose, the playpen was my option, as even if fall, its just netting at e sides, and e frame is all padded =)
Just sharing my experience n preference =)