ODDA guest bed with storage at IKEA

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The other day, Laure's post about what to do if you don't have a guest room, brought out a bunch of great ideas. Here's another one we saw recently at IKEA. The ODDA guest bed is sort of a modified pull-out couch. But instead of pulling out the couch, you actually flip it open...

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In it's closed position, thow on some pillows and it acts as convenient extra seating. And then flip it open to be a small bed. There's even pull out storage underneath.

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We're not exactly loving the black and white color option, but that could easily be reupholstered with a different fabric. Does anyone have this piece in their home? More specs here.

Do you guys have any other recommendations on convertible type furniture pieces?