Overstock.com via eBay offers the Portfolio Trace Convert-a-Couch Renu Leather Sofa Sleeper in Brown for $408.99 with free shipping. That's $41 under our mention from last August and the lowest total price we've seen. (It's the best deal now by $70.) It features a powder-coated steel frame, tapered wooden legs, and a 10" pillow-top seat cushion.
Note: The material is renu leather, which looks like top grain leather, but is actually a composite of leather, polyester, and polyurethane.