Great bed for the price.  Fairly easy to put together, but be aware of the holes in certain pieces - we had to take apart and switch pieces around twice.  There is a small gap where the panels fit together near the foot of the bed, but it's pretty minor (hence the 4/5 stars).  It's more cosmetic than anything, and unless you're looking for it, you won't notice it unless you're completely anal-retentive.

Also just so you're aware, it's about 15.75" from the box spring base rails to the bottom of the headboard.  I have a 10" mattress and a low-profile 5.5" box spring, and this combo is just about ideal so that the mattress just reaches the bottom of the headboard for a nice look.