A big huge congratulations to you and your wife!
As someone who has experienced morning sickness three times (three pregnancies, three children, now mostly grown up) I can tell you that it usually completely disappears by 12 weeks into the pregnancy and will usually improve by 10 weeks. There's hope for you and your wife! Also, if you have a 2nd and or 3rd child, it doesn't mean that the second and third pregnancies will be exactly like the first.
Things that were important last yr will have no importance next yr. Many of the most important things next yr will be things you never thought of before.
This perhaps seems obvious but when you get there and look back, its quite dramatic.
Truer words have never been spoken. You may find yourself referring to your life B.C. [before Children] in comparison fairly often. The two are completely different in many respects. For example, "Before Children", who would have though of saving lots of money each month for an event some 18 years in the future [college education] for a little blob that weighs 7-8 lbs! But, hey, the change in emphasis in your spending and saving habits does happen.
Again, congrats and may your wife get through morning sickness as quickly as possible 