First of all, it's not wrong as in morally. Don't let anyone try and convince you that you will somehow harm your son emotionally by co-sleeping.
However, what will work long term depends on how you see things changing. Will your schedules remain different for awhile? The longer you do this, the harder it will be to change it. We have co-slept with my 6 year old since birth. Because of many reasons my husband and I now do sleep in separate beds and have for the last year or so. My daughter takes turns sleeping with us. But before we started sleeping separately, we had to find ways to get our own private time in. I'll be real blunt here. I have spoke with people that say they actually had marital relationsions in bed with their child sleeping. I don't believe that would be right. But if you are not having a problem with your husband because of this, then I don't believe it's wrong. It's just that if you think you will easily change this later it's not going to happen.
I like to tease, only I'm really pretty serious. We got our 3rd daughter out of our bed when she was 9 years old. We had our 4th daughter one year later. You can do the math. We tried and tried to get her out of our bed. She would bounce back all the time. But you wanna know what? We love our girls and they are happy, independent girls with great personalities. I think it's great for families to feel close.
So the real question is, what do you want and when will you want to change it?
Suzi