I have been watching my daughter's three children starting 5 years ago when the first one was 2 year old. Now she has three with two of them in school. I now watch the three year old "princess" from 8 - 4:30 with the other two here for rwo hours after school. I love it, but then I'm only watching them three days a week. We decided that full time might mess up my "real" grandma time. Probably not, but that does give me some quilting time. I make 6-8 quilts each year for foster kids and then of course, some for my family.
I must say with the three year old being the youngest and last grandchild, I do miss having a baby around. But life goes on and my little one already shows interest in quilting. I let her "build" small quilts with scraps on my wall and she is designing some great little quilts! (Fortunately, she is okay with me not sewing them together yet, although the last one she did was so good that I did sew it for her).
Whatever you do, enjoy and remember that the years go by faster than you can imagine, and they are only small once.