Because I can't resist, here's a pic of me (and yes, that red blob is the kid in her Widgeon coat) at the woodworking shop. The bed is designed to use a minimum of materials (two beds use just under five sheets of 60x60" double-faced birch ply) and to be produceable by relatively quickly either by hand or using a CNC router [computer-numerical controller, but you knew that]. A 3-axis router is fine, but a 5-axis would allow you to drill all the holes--even on the edges--in one step. For the kid's prototype, we used a 3-axis. Went smooth as silk.
[Update: whoa, thanks for all the feedback/email/interest. I probably should manage expectations a little bit. While it's designed to be safe, cool, as economical as you want to be, to pack flat and to waste a minimum of material, it's nowhere near as wood-optimized as, say, this coffee table that Andy's friend made. Just sayin'.]