Had a loft in college. Don't recommed it. Really hard to get into after a night of drinking and you can't put your foot on the floor to help stop the spins when you finally lay down.
Also, when you are super tired or sick and achy and feeling horrible, it really sucks to have to haul yourself up into bed. AND, when you have to pee in the middle of thie night - REALLY annoying.
Futons aren't much work once you get used to them. But you do need to spring for the better one to make it comfy.