Assembly was straight-forward - instructions were quite clear. It took my about 1.5 hours. I'm satisfied with how it looks, and I didn't need any drills - I was able to assemble with just screw drivers, and a rubber mallet.  The final product looks good, with clean lines. Being relatively lightweight, I should be able to shift it back against the wall when I want to leave it in sitting position and save space in my room. 

My Japanese futon is a little thin (4.5"), and without any foam, the slats can be felt which will likely be uncomfortable over time. I'm currently researching ways to mitigate this (mattress toppers or foundations with chemical free latex, possibly). It's probably a little low for people with limited mobility. But for the awesome price, I think it's a reasonable buy. For looks, it could be painted, but I think it's finished well enough to leave in its natural state.