My family consists of me, at 5'8'', dh at 6'4'', and dd at 5'10''. We love staying in a studio at BLT. No, there isn't quite as much usable space when compared with a value. But, I have found there is much more in the way of storage at BLT. I like the way it's set up now.
No, you aren't going to be able to party with the sofa bed opened. But in all reality?? How much moving around at night will you be doing? We found it to be just fine.
But, everyone is going to have their own opinion.