This is a great little bench, perfect for using with dumbbells. It's reasonably cheap compared to the alternatives, sturdy and easy to put together - it even comes with a little spanner to help you.
It can be laid flat, or at various inclines and a decline. Perfect for dumbbell flys, bench press, lying rows, lying deltoid raises, as well as anything needing a back rest.
It's obviously not suitable for heavy barbell work - it's quite thin and says it can only take a training weight of 50kg (110 lbs) plus 100kg of user weight (220 lbs), and of course it doesn't come with anywhere to rack your weight. It's also not good for really tall people - I'm just over 6ft and it just about covers all of me lying down, but no more.
It doesn't fold up, but can be easily stored lying flat against a wall. It's also quite light.
I would recommend this product, it is a great starter bench.