If you ask me, almost any modern sofa that is less than $400 is a good sofa. The New Yorker Microsuede Sofa Bed is an automatic shoe in just for the price. You throw in the fact that it is upholstered with microsuede, and that it lays down to make a guest bed, and you've got a killer deal. This little diddy is super configurable too. The back is split in two, and has four different positions. The arms also fold up and down, in three different positions. That all adds up to 144 possible combinations. The legs are chrome and the frame is metal, so it should hold up well to daily use. Available in light brown, creme and charcoal. One of the best things about this sofa is the shipping is only $2.95 Available from Overstock.com for $379.