We absolutely love this bed. The tufted looks makes a gorgeous statement in our bedroom. There is a little room between the frame and the mattress, but it's really necessary considering I like to tuck my sheets into the frame when I make the bed. It works great.

For a boxspring, I just went to home depot and bought $15 worth of wood slats (had the guys there cut them to size) and put them beneath our mattress, keeping a low profile bed frame.  We got a king size memory foam mattress for $400 from this amazing shop on ebay (sleepwithmemoryfoam2night) and it works like a charm. We sleep great on it! Upgrading to a king size bed for less than a thousand dollars? I think yes. 

Pros: Gorgeous
Cons: Haven't found any yet.