I personally do not have children yet, but I will likely bank my children(s) cord blood.
I did a presentation about the pros/cons of banking cord blood for a course. Basically, there is a small chance that one will need the cord blood, but when you do need it, wouldn't it be such a relief to have it? The only down side that I was able to find was the cost. However, given a physician salary, that $~175 a year (plus the initial banking fee) is a drop in the bucket.
Viacord was the most popular company that had pretty good reviews.
Congratulations on the little one!
http://www.viacord.com/