Good size futon.  This is the same size as a single bed when folded out so perfect for sleepovers.  When it is folded up, we could fit three children or one adult and two children on the chair.  A good space to lounge around.

It's also easy to move into place.  My seven year old is now a pro at putting it down to a bed and back up.  The foam mattress is maybe not quite as robust as they used to be, but that also means its not as heavy.  She can easily lift the mattress to put it into place.  Nice solid pine construction, and VERY easy to put together.  It took us about five minutes to put it together the first time.  You can also paint the pine if you want to or leave it.  I would definitely recommend.  In fact I'm ordering another one for our other girls' room.