Beautiful bed! Super easy to put together (I did it in about 1.5 hours by myself). It was a little weird that there were no pre-drilled holes for two of the pieces, but it wasn't a big deal (they're pine support bars, easy to screw in by hand, no power tool necessary.) 
The wood is definitely walnut with a veneer finish, but from a distance, it looks real. And I echo others in wishing the headboard was taller. With bigger pillows propped up, it hides that beautiful feature!
The slats are a bit time-consuming to piece together, but again, it's all well constructed and fits nicely. 
I also was confused about the box spring. It says a box spring is not included, which I assumed meant I would use my old one, but a box and a mattress was too tall and looked ridiculous. Maybe box springs are old news? 

Overall, it's beautiful, well-constructed, super solid with no squeaks or movements. Great value.