Ha - not only do I own a decade old ikea leather couch, I also own the exact couch you are looking at (in beige). It's not nearly as comfortable for just sitting around on as the old leather couch we have. It's harder on your lower back, requires lots of back pillows. But having said that, we still sit on it for TV watching no problem.
As a guest bed, it's fantastic. Easy to pull out, relatively easy to make. I've slept on it (my sister in law and mother in law both own one) and can vouch that it is pretty damn comfortable! There's a bar in the middle that gets old sticking in your back after about three nights, but if you make the bed up the other direction, you never even feel it. We have a roommate who's been sleeping on ours for a few months now, with no complaints.
I'm in the military, so we move around a lot. The couch has been disassembled and reassembled for one move so far - it handled the move fine.
