I personally despise sleeper sofas. Usually, they are horrible beds, and lousy sofas. However, I recently thought about an aero bed (Costco has a coupon for one at the moment) when I read the reviews on several sites, I had second thoughts. They average 2 1/2 stars--people love them or they complain about leaks, problems, etc... Probably fine for the infrequent guest, but why not go with the $20 version if they are all going to leak and lose air sooner than later... I'm not going to bother with the raised frame simply because I don't want anyone to get too comfortable. How frequently did you plan to use this?

There are quite a few of pretty good ones out there. I suggest that you read some reviews at Target, Walmart and Amazon. They are not all created equal and some times the cheaper seems to be better.

I personally like an inflatable bed better than a pull-out. I slept on a raised areo bed at my sister's recently and found it comfortable. Not as stable as the ones that are lower, but very easy to sleep on.

I researched and researched and ended up buying a pull-out city chair by Hancock & Moore. The chair is beautiful, but the bed is NOT comfortable. I also have the blow-up mattresses. Those are more comfortable. Neither is good long-term, of course. But I bought a cheap raised twin at Shopko for something like $25 and it's just fine. I also bought a double aerobed - same quality as the cheap brand. Make sure you get the electric pump with the bed. And make sure you cover them well when using, bc they do puncture easily (I have cats) and it's soooo hard to find the hole. Once you do find it, you can patch it tho.