Been here, done this, a couple of different ways.
The house was pre-wired with home run RG6 back to a central location--that helps!
Crib Cam: Q-See Night vision (Links at bottom), connected to a RF modulator on Channel 65. RF output to the RG6 back to the closet, and connected to the "Modulator in" on a Channel Vision 8 way distribution module. Camera is wall mounted, with plastic wire channel protecting the wire from prying hands reaching through the crib bars.
toddler cam: another QSee, mounted up high in the room, FOV = bed and play area--one small area is unobserved. Connected to wiring closet via 100' A/V cable (QSee as well) and connected to Holland 3 way RF modulator on Channel 73. RF out to the ANT in on the distribution module.
Note: I have DirectTV and a couple of DVRs also connected to teh Modulator on different channels ( 65 and 71). These are standard DVRs in the closet, controlled via IR.
The neat part--with dual tuners (even one external like a DVD-R that has a tuner), most new TVs have PIP of some sort....TV+one cam, or both cams, etc. Naturally, once the video is in RF, you can send it to a DVD-R, or VCR, etc.
The IR on the cameras is enough--it doesn't light the whole room up in the dark, but the center FOV is pretty good--enough to be able to follow the little guy easily when he gets out of bed and walks out of normal view to the door, etc.
Q-SEE cameras