We have the not-quite-so pretty equivalent, the Brimnes, in our guest room. It's WONDERFUL. Dude, the storage is amazing, and it really does pull out to a king-size. The only catch is that if you want to use it as a pull out, you need to get foam mattresses for it, because you can't really stack and still use 2 spring mattresses.
Also, you want to remember to assemble in the room where it's going to be, because ours would not fit through a fairly standard-size (30") door. Also, the boxen are fairly heavy and long, but we managed to get them into our Subaru Forester without too many issues.