I think it is definitely a plus for you. I just got admission from USC.PM. I am a working professional (California CPA). I plan to have kid next two years also. The admission people should be impressed with your motivation. Good luck.
ball2003, thanks for reminding, but I believe with my family's support and help, I will survive.
To me, family means much more than my own career, I won't sacrifice my family for my own success, but if I can handle both, I will struggle for the best. My happyness and proudness from the MBA will be doubled or even tripled when shared with those that I love. without them, MBA means nothing to me.
Actually one of my fellow Chinese students had a baby the second month of b-school. Everybody was impressed. It's indeed very hard to handle studies/job hunting/baby at the same time, but she's made it through so far. Family support is key, and so is her will power.