I do this. It reclaims the space above the bed as everyday living space, the bed never wobbles, and it's generally just perfectly satisfactory.
The one disadvantage is that it's harder to stand up off a mattress (or in my case a futon) that's directly on the floor than one that's higher up.
I have often benefited from recommendations for Things I Didn't Know I Wanted.
Given that Less Wrong is a community of unusually intelligent, critical, and self-improvement-focused people, I suspect we can generate a pretty helpful thread of product recommendations — perhaps even a monthly thread of product recommendations.
Rules: