If your sofa is the star of the room, you may be looking for a show-stopper no matter what it costs. If this is the case, consider the Putney 2-piece slipcovered sectional from Birch Lane.
About a grade above a typical dorm-room-style futon, the Dorel Home Products Emily Convertible Tufted Futon Sofa offers an upscale and modern look that clicks easily in and out of a seated position.