This is not a five-star bed. It is, however, a more than adequate bed for the price, and will probably hold up for several years, possibly with a few modifications (which I'll explain in the "Mattress support" paragraph below). I only just assembled this bed today, so I can't guarantee its longevity, but here is what I know:
Fabric:
The headboard and upholstery all around are VERY satisfactory. I was so pleased when I opened the box and felt the material; it seems durable and the stitching is good. No tears or loose threads. There is padding between the fabric and the wood, but don't expect it to be super plush.
Color:
I don't think it's fair to say "the color is true to the picture," since this completely depends on your monitor's calibration as well as the lighting of the room in which you keep the bed. I can tell you that the upholstery is a "warm" grey, so if you're looking for a cool/blue grey, this probably isn't what you want (that said, I do think it coordinates well with my upholstered ottoman, which *is* a cool grey. It's hard to tell the difference between the two unless you're looking hard). If the fabric seems to have a green hue to you, you probably need better lighting in your room. Try daylight or "reveal" bulbs-- they will make a dramatic difference and lessen the yellow tint that you get with standard bulbs. Finally, this bed will almost certainly seem a darker grey in person than in the picture; don't be surprised by that. Product photos are taken in better lighting than most people have in their bedrooms.
Construction:
This is where this bed most reflects its low price point. Most of this bed is constructed from plywood or pressboard. There is absolutely no solid wood anywhere in this bed, with the possible exception of the wooden "feet," which appear to be a stained block of actual wood. Everything else is a composite. For *most* people, that's going to be okay. And it's very typical for low-cost bed frames. But if you are putting a great deal of pressure on this bed, I wouldn't be surprised if you end up with a broken slat or side rail. The center support beam is also wood composite. My previous bed had a steel midbeam, so this felt like a downgrade. But it does have three feet that run down the center to provide extra stability. I hope this will suffice. The only metal components are the brackets which connect the side rails to the headboard/footboard, and the bolts/screws that you will use to secure them.
Mattress support:
Different types of mattresses need a different support system. This bed comes with bent (or "curved") wooden slats, which attach to the frame via plastic connector pieces. This might be okay if you're using a traditional spring/coil mattress and placing it directly on top of the slats. For a foam or latex mattress, which really need a rigid base, the included slats aren't going to cut it (and honestly, they look pretty flimsy). I ordered a foam mattress and only later realized that this bed doesn't have the right kind of base for my mattress. After doing a bit of research, my solution was to run to the home improvement store and get some 1" x 4" furring strips cut to size (60 3/4" length slats, 15 total for this queen size bed). The slats cost me a mere $30. I didn't even bother with trying to install the slats that came with this bed, since a springy base is not what I'm looking for. I also didn't go with a "bunkie board" because I read that it's best to have openings in the bed base so that there is airflow to the mattress. I left a 1.75" - 2" gap between each slat. Just something to keep in mind. YMMV.
Size:
The headboard is about 38.25" tall. The bed base is quite low, especially if you're coming from a traditional bed setup that includes a box spring or foundation. You don't have to climb up into this bed; you may have to fall into it. ;) There is about 6" clearance from the bottom of the side rail to the floor. Most other reviewers have been reporting that this isn't high enough for under-bed storage. You may need to find a new home for your clutter! From the floor to the top of the slats is going to be roughly 10", so add the height of your mattress to that number and you should get an idea of how high off the ground you're going to be sitting/sleeping. A standard queen size mattress (60" x 80") should fit fairly well inside the frame, which has inner dimensions of about 61" x 81.5". You may notice a gap between the mattress and the frame. Others have reported that this is annoying, but it seems like you won't notice it once the comforter/duvet is on the bed.
Overall, I think this is a great bed, and about what I would expect for the price. My style preferences are likely to change before this bed wears out. It's certainly not a bed you buy hoping that it will last a lifetime.