It looks exactly as the picture. The assembly wasn't difficult. It probably took about 45 mins. The parts came in two separate boxes. The pull out to bed function is relatively simple, although it doesn't say anywhere that I can see that the top portion has to be pulled forward completely and then laid back as a bed.
The sofa itself as a sofa or bed is firm, so in terms of sleeping, you'll probably still need to purchase a mattress topper to soften it up if you plan to use it as an extra bed.
Overall, it's a good purchase for the price.