We purchased a Boori sleigh 3 in 1 cot for my DS. He is 4 in May and still sleeps in it! It was a great investment and has lasted 4 years so I think that's pretty good. We are expecting baby No. 2 in November and he/she will use the same bed but converted back into a cot again and our DS will get a single bed.

I think a 2 in 1 would be teh same concept. I doubt that we will use this as a couch when No. 2 outgrows it.

The extra drawer for storage under the cot is a bonus too.