The Eclosion pump-up sofa is an interesting take on the futon/sofa-bed concept. Closed it looks like a yellow and black torpedo, opened up, it looks somewhat like a sofa. One side has a hidden air bladder that can be pumped up, which turns it from a small bed to a sofa that can hold a couple of people.
It was designed by Olivier Gregoire and yes it is basically just a fancy air filled futon, but I’m pretty sure that if it were available, the price would be un-futon like. Judging by looks alone, it seems like it would feel pretty weird just like a futon as well.