I live in a tiny apartment, where my living room is actually my kitchen and study. Therefore, saving space is a priority. I own a huge run-down sofa-bed which I'd willingly exchange for something slightly more... presentable. Maybe something like the Lonneberga, a great stackable sofa-slash-bed that looks great even if you don't own a dog (which I don't, but I bet my white half-siamese kitty would enjoy lounging on it anyhow).
But if you're really gonna do it properly, you need gear to match. However, I don't think Nina Invorm would approve if I stole her red shoe collection, fantastic as it is:
I'll just have to stick to my old and ragged flower print sofa, and be faithful to my less than glamourous wardrobe (well, maybe a teensy bit glamourous).