Early impressions: Looks good, but very cheaply made; nowhere near the 175 lbs(!) weight indicated in the product specs. It's very light-weight and held together by staples. I'd say if you wanted to move it, better first take out whatever you've stored in it, despite the inclusion of rope handles.

The smell people have been talking about: it smells like cedar to me. I wonder if they sprayed it to repel moths. 

I don't for a minute take the MSRP price seriously. The "sale" price is basically where it should be, and probably on the high side considering how flimsy it is.

All that said, it works for my needs, and it looks pretty good in a livingroom or bedroom.