We collected and stored cord blood on both of our babies through a company called Cryo-Cell. My feeling is that the stem cells in the umbilical cord blood is a known treatment for over 70 blood disorders & leukemias and research is bound to find even more uses for them, so why not? The company charged about $1000-$1200 for the initial processing and we pay $50/year for storage - a small price to pay for this "insurance" that I hope we'll never need. But, the way I see it, if one of my children was diagnosed with something that could be treated with stem cells and we threw it away, I'd be kicking myself! In addition, there is also a chance (50%?) that the cord blood will be a match for a sibling who may need it, and if not used, it can be donated. If you decide to go ahead, be sure you discuss it with your wife's doctor so s/he knows how to collect it. The company provides the kit and all materials needed and will arrange for transport of the blood.
(written by my wife...)