Upsides: Great size, comfortable enough for the price! I slept on it a few nights and did miss my mattress, it wasn't nearly as rough as I'd expected (or experienced from other convertible sofas). It's easily comfortable enough to sit on for extended periods of time (read: you can play videogames and binge watch Netflix comfortably, if you're not someone who wants a couch to envelop you).
Downsides: I wouldn't perch on top of the arm rests. Since the leg rests are set up fot it to be in couch mode, it does risk tipping when it's in flat bed-mode, if you only have weight on the side that's normally the back rest. Aka if you've got two guests sharing it (or even one who just tens to be a mobile sleeper), you may want to support under that side of the bed with some additional furniture, or warn them about weight distribution.