We assembles this today and would give it a 9.5 out of 10 - so, awesome for the price!  Solid, well constructed.  No weird smell.  Very pleased with the overall sturdiness.  My daughter loves it and I love the headroom for parents to read her a story in bed.  The drawers just fit underneath - there are no grooves or glides.  

Only 2 issues - our ladder was missing a screw and had an obstructed hole.  We had to improvise there by drilling a much larger hole and buying another screw.  Also, the guard rail is not very sturdy and the instructions don't tell you where to leave space for it between the bed slats.  But these are overall minor issues.