It's probably easier to list what the German-made Timkid Mio crib doesn't convert to.
The simple canvas-sided crib designed by Tim Schinkel begins its useful life as a bassinet, thanks to the popout center that turns the mattress into a massive crib bumper.
Then it's a crib, then a toddler bed, then somewhere along the way you ditch the mattress--which maybe becomes the kid's first conversation pit?--and the fabric, and you're left with a wood-and-linoleum adjustable desk and "nothing reminds of the former children´s bed"!
First off, I like the idea of fabric sides on a crib. We have a heavy canvas front on K2's crib while the plexi one gets finished [I swear, I'm working on it, dear], and we like it. Seimi, the Finnish company, has a nice canvas/muslin paneled crib, too, and there's the Leander bassinet from Denmark as well. The Timkid's mattress-suspended design looks like it'd keep the gaps tight/invisible by gravity, so that shouldn't be an issue.
But while I am not familiar with the details of TUV standards, the German consumer products safety organization, they clearly don't have an issue with either the mattress cutout or the rail height. Those are two design elements that look like they might run afoul of US safety specs. That said, I'd also bet TUV is run with far more credibility than the CPSC has been, so they presumably have some rigor and scientific basis on their side.
On a less regulation-sensitive note, Timkid also has some sweet-looking fold-down ply changing tables. The rounded Owo is nice, but for my money, the plain, flat, square goodness of the Kawa is the winner.