We love it!  It was amazingly vacuum-packed so the box was manageble to get in the house after delivery, and it just popped right out!  Only assembly required was to put on the slip cover, which was quite easy.  We haven't actually used it as a bed yet, but it is super comfy as a couch - we love curling up in it.  And the ottomans are great to have around the family room for various things :)

Pros: Very comfy, little assembly required, machine washable cover, fantastically easy conversion from couch to bed
Cons: We didn't realize how low to the ground it is - fine for me, but my 6'0" husband finds it short