Overall, a solid product. Here is a list of pros and cons:
Pros:
1) The back cushions are very comfortable and the small arm cushions provide a good contrast.
2) The couch looks aesthetically good.
3) Assembly is easy - it took me an hour to assemble the couch.
4) Price is amazing
5) The delivery and support from Wayfair were excellent.

Cons:
1) It is smaller than I expected. It's around 82" in length. Also, The seating (width) could have been a little bigger. Once you put the back cushion, the seats are not enough for the people to sit. You can make it a sofa bed to address the limitation.
2) The base cushioning is firm so you might have to add an extra layer of cushioning for someone to sleep. Also, only one person can sleep in it and if you are tall you might have to sleep diagonally.
3) The cloth underneath the sofa is quite delicate and might rip apart. But that's the case with any upholstered sofa bed you buy.