Wonderful bed. It is definitely velveteen like, and I like the grey. The set comes in the back of the headboard, so don't be alarmed. I took about 2 hours to set up by myself. I only needed a screwdriver and the supplied tools, and I separated the pieces before working on it to make it easier. It's sturdy, and I know that it won't cave in or anything of the sort. I have a 12in mattress, which leaves about an inch and a half of space between the bed and mattress. It doesn't bother me.
It is lower than expected, but I deal with it.
It had the typical new furniture smell, and there weren't any messed up pieces of fabric. The only hard put is the last step where you have to screw the pieces into the boards to prevent moving. You have to use some force to really get it in there. Other than that, I'm happy with the purchase.