I wish I'd had this KEWB furniture, which converts from table to chair to bed to shelf unit, in my closet-sized dorm room in college. The unit is made of laquered hardwood and faux suede cushions, and no assembly is required. This flexible furniture would be ideal for any small living space (like my livingroom). I'd like my whole house to be filled with modular furniture; that way, when I have guests over, every room could be converted to a bedroom at night.

Available at UK store Sit 'n' Sleep for 319GBP (price goes down with purchase of multiple units).

By way of a tip from a Popgadget reader who didn't mention his/her name.