The couch is perfect for a our spare bedroom/office.  I've take a couple naps on it, the fold up armrests make a great little pillow.  We've had guests use it when staying overnight.  They have all said it was very comfortable.  It is easy to convert back and forth, as it only requires one person to do so.

Pros: Comfy, easy to clean, easy to assemble
Cons: As a bed its gonna be a tighter squeeze if you need to get two on there.  Doable but not huge, but its a futon so what did you expect.