Adore this thing! Absolutely perfect for my media room watching movies or gaming, it doesn't feel lumpy or under padded like a futon.
The only assembly required is attaching the legs and popping the arrests in place.  Everything is shipped in zipped pouches under the couch.  I would recommend using a drill with a Phillips bit at low speed though, as there are 4 wood screws on each leg in addition to the (2) 2 1/4" hex head threaded screws. (hex bit is included) The upside to that of course, is those legs aren't going anywhere.
Should last for years with adult use, as it's materials, wood/steel/synthetic fabric are light but sturdy. Probably very resistant to soda spills. 
It's NOT a conventional couch though, so kids jumping/playing on it might damage the wood frame if they hit the wrong spot in the back. 
Be sure to accessorize with a LOW ottoman or coffee/side table.