Only $699, functions very well as both bed and sofa. Also has large amount of storage. Used to be my bed for 8 months or so, now married, it's our sofa. Our guests love it.
If this is going in your spare bedroom be sure to measure the doorway and corners, etc then narrow your search down to only the ones that will fit through that opening. Learned this the hard way. Seems like all the good sofa beds tend to be a little on the deep side. Just FYI :)
You didn't offer any budget constraints and asked for the best, so my suggestion would be one of the space saving solutions from resource furniture, like the Ito. We have the queen LGM and love it.
Since I like furniture thats easily movable, inexpensive, and reasonably good-looking, I've been considering the PS Lovas sofa bed from ikea. http://www.ikea.com/us/en/catalog/products/S29874505
I have not found a comfortable sofabed. I opted for an Aerobed. I bought a raised bed with a headboard. It inflates quick, it is super comfortable, and adjustable. You can leave it up or it rolls up into a bag and stores in a closet. For a couple hundred dollars you can't beat it, for yourself or for friends that you dont want to drive home after a night out.
Only $699, functions very well as both bed and sofa. Also has large amount of storage. Used to be my bed for 8 months or so, now married, it's our sofa. Our guests love it.
If you live near a Jennifer Convertibles then try one of theirs. They have a mattress option that has an air-pillow top. It's like a regular mattress with an air mattress on top. It is so comfortable, you forget you are on a pull-out couch. Plus, their couches are VERY comfortable and come in a wide variety of sizes and fabrics.
if you can afford it:
Resource Furniture, combines a Furniture Designer, a Mechanical Engineer and also a Hardware company to put together amazing sets that could make any room, studio apartment or space a lot more useful and enjoyable. the video is like whoa.
I have a great organic futon with a hardwood wallhugger frame. Fits perfect for my space.
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I've spent a few nights on the Twilight sofabed from DWR and it's pretty comfy. http://www.dwr.com/product/twilight-sleep-sofa-black-frame.do?keyword=sofa+bed&sortby=ourPicks
Are you looking to use this as your primary bed, or will it just be for the occasional guests? And what size are you looking for bed-wise? Full, twin, or something larger?