So, we're on our second child and the whole point of cloth was to reuse with #2 thus saving even more $$. Therefore we're using the same system we used with #1. We have Bummis Superbrites covers and prefolds. We also have motherease (Sandy's and normal ones) but those are for the toddler. I find the motherease too bulky on a little one and we didn't start using them regularly on our son until at least 6 months or so.
Anyway, our son was a terrible sleeper and you could count on him being awake every 3 hours or so for at least the first 6 months, if not longer. So we never had a problem with our system's absorbency because we could just change him before that point. Our daughter on the other hand will sleep for long stretches. We're talking 12 hours or more in the afternoon (yes I know the afternoon is not that long, but she falls asleep at noon and doesn't wake up until I wake her to feed before I go to bed because I figure she'll surely be hungry by morning if I don't) and then she sleeps another 7-8 hours after that. She's currently in the Bummis Small and we're sticking prefolds in there but you can really only fit one in (we only have bigger sizes so we do fold them down in the front). Our prefolds are not great but they do fine when she's awake.
We've basically resorted to disposables when we know she'll be sleeping a lot (which is about half the time these days) and I'd like a better solution. I'm willing to spend a little bit of money (we're spending on disposables anyway) but no more than $40 or so (that's about how much extra we're spending on disposables between now and when I imagine she will have grown into the motherease).
Re: Newborn/Infant who sleeps a lot, ideas?
We use hemp or bamboo inserts/doublers at night. LO is 14 months and goes about 12 hours in her night time diaper. We use Bum Genius or Funzi Bunz, I put one microfiber insert and two hemp or bamboo inserts (total of three inserts). It works great and she doesnt leak at night.