Assembly Required! Drill Required! 
For the price, it works.
There were holes for screws missing. We had to jerry-rig the center pole to make it work. The wood is pretty low quality. Made for easy set up because it was so light, but if it doesn't hold up to the test of time I'll be back with more.
Issue with delivery, but customer service was On It. I ended up with a bonus set of drawers I'm going to turn into a window seat :)
The headboard is a little weird, because of the shelves - if you have a thick mattress, you can't really use the bottom shelves b/c your pillows will roll into them. But my 14" mattress is at Just the right level so they won't actually fall backwards into the shelf.
It works for me, and the price is right, but it wouldn't work for everyone.