I have a small music studio in my house and needed something compact for people to sit on, but have the added functionality of a queen sleeper when some of those people stay overnight. It was delivered well-packaged and looks exactly like the picture.  The only assembly required is attaching the arms and the feet.  This was a very quick task.  
It is acceptably comfortable to sit on.  As some have stated it is firm but not uncomfortable.  It does seem like over time the center of the cushions are going to sink behind the frame.  (see photo)
Pulling out the sofa bed is easy although the end foot bar tends to want to fall out.  The mattress is fairly comfortable but thin.  I would strongly recommend a mattress topper.    
As of now (a few weeks in), I am ranking it 4 stars and would purchase it again.  Time will tell if I'm still happy.