Assembled.
I bought one last summer for our school library's graphic novel collection. It fits a lot of books, looks nice (the wood matches the grain of our permanent shelves) and it can be moved around as needed. I am buying a second one this summer as our collection expands. I haven't seen anything else like it in other catalogs. One feature I'm not crazy about is the bottom shelf for stacking items. It's not large enough for books to be displayed upright. I'd prefer the extra shelf space.
I purchased this for our school library where shelf space is at a premium and the need to move furniture around is a daily requirement. This product meets those needs. It seems to be well made, fits tons of books, and looks nice enough to blend with the high quality permanently affixed wood shelves in our library. It's a big step up (with more room) from other library carts. I figure that it's a product that can be used in a variety of ways, including when (and if) the library eventually gets remodeled and we gain more shelf space. I'm sure I can find a spot for it. (Does any library ever have enough shelf space?) It also is pretty light and easy to move, without falling over on the kids! We currently use it to house our graphic novel collection. Thinking of buying a second one this summer.