We got a new puppy late last fall, and I worried about the same thing. In reality, it was really only a couple months of waking up a few times during the day, and then he was housebroken and was able to reliably hang out with me in bed for much of the day. Now, at 8 months, he requires one outdoor visit at around 11am (which coincides with when I need to get up to pee, anyway), and then he's good again until I get up around 3 or 4.
When he was still being housebroken, we would get up around 10, I'd let him out for 10 minutes, then I'd put him in his crate and put some earplugs in to block out the crying. I'd wake again probably around 1 or 2, let him out once more, and then he'd be okay back in bed with me until I got up for the day.
A good rule of thumb is they can hold their bladder for as many hours as they are old in months. So at 3-4 months, I wouldn't make him go more than 3-4 hours without letting him outside. Once they're adults, it is variable upon the dog. Our 4 year old mix only needs to pee about three times a day.
Having raised 3 babies and 3 dogs from young puppyhood, I am convinced that puppies are FAR more work than babies. With babies, they can pee in their diapers and you can plug in a boob when they're hungry and fall back asleep. Not so for dogs (unless you're weird).
ETA: Oh my gosh. I'm embarrassed. I thought this was from April 2011. I see now it's from April 2010. I guess the problem's taken care of itself, huh?