From what I remember, if you are young and healthy, COBRA isn't that great a deal, it gives you uninterrupted coverage, but that's about it.
Just as an FYI -
http://insurance.yahoo.com/lh/pregnancy.hin.html
Quote:
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Under a law known as HIPAA, the Health Insurance Portability and Accountability Act of 1996, health insurers cannot consider pregnancy a pre-existing condition. So, unlike illnesses such as diabetes, they can't deny you coverage when you go from one job to another and switch health plans
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From what I can gather, HIPAA only applies going from Group to Group plan. Group to Individual, there might be loopholes (I've been looking about 5 10 minutes, and have found about 15 different answers)