I have to say I was looking for excuses not to like this - I actually have no desire to become a person who uses an exercise bike or rower. BUT it really is rather good and such an easy way of getting a bit of exercise. It is fine to assemble - but possibly best with two people to share the "fun", and completely straightforward to use. Conversion of rower from bike is beyond simple. Only problem is if you have the bike facing the TV, the rower will face away from it, and turning it round is no mean feat - it is quite heavy (as all these things are, of course). I'm only not giving 5 stars because I resent liking it, and the seat sometimes squeaks!
[UPDATE a year or so on] Still a great bit of kit. It has had some serious use, and though the pulse monitor has given up the ghost, on all other fronts it is still doing very well indeed. The seat stopped squeaking after a while, by the way! Only possible negative is that the seat is not the most comfortable in the world for longer rides (dead backside after 30 mins). But you can deal with that with a gel seat cover.