It's not often we admire the looks of an apartment-sized sleeper sofa, but we have to hand it to Grandin Road for the Davenport, which stands out for its good price ($899) and its contemporary looks -- an anomaly in a catalogue of otherwise more transitional and traditional furniture.
Davenport's footprint is the same as any other smallish sofa and it unfolds into a full size queen bed. If you have long-term houseguests who like to snuggle this might not be the solution for you, because there's a furrow down the middle of the bed where the un-fold happens. On the other hand, the furrow could help keep the peace between houseguests who weren't planning on sharing a bed.
$899 in persimmon or buff, from Grandin Road.