As of now the game contains both the sleeping bag and bed. What are the differences between the two items? If any.
Beds are more expensive to craft than sleeping bags, requiring 40 cloth and 100 metal fragments (rather than 15 cloth for a sleeping bag). They can only be placed in a structure with a ceiling (whereas sleeping bags can be placed anywhere). Once placed, beds cannot be picked up (unlike sleeping bags, which can be).
One of the main differences is how respawning works. If you respawn at a sleeping bag, you won't be able to respawn at any other sleeping bag within a 100 metre radius for at least four minutes. If you respawn at a bed, you can't respawn at that specific bed for another four minutes. However, nearby beds aren't affected by the cooldown, so if there was another bed close by that you had access to, you should still be able to use it to respawn within the four minute window.
Those are the differences that I've read about. But remember, the game is still currently in beta, therefore things might not work exactly as intended.