In many ways, slip covers have come a long way since I was a kid. First, they're no longer unfashionable. Second, they have new super stretch fabric to make them fit a heck of a lot better. (See Surefit slipcovers for examples.) They're an easy way to hide or update an unslightly sofa affordably.
I have just gone the slipcover route myself. The first was in my living room. I'll confess. I have not decorated or done anything with this room since we finished remodelling over two years ago. I painted the room gold but was stuck what to do with it. I haven't had the time, energy, or creativity to figure it out.
So what should I do? I don't feel like spending a ton of money when I'm not even sure I'll keep this decor for long.
So I got slipcovers. These are still a bit loose fitting, but better than some old style ones. The colors work with the room and tie into the adjacent office which is blue (somewhere between royal and midnight.)
I also added two-toned scarf sheers (ready made at JC Penney) for an inexpensive update.
I have also used slip covers slightly differently as well. My beloved puppies have used my relatively new sectional as a chew toy. The back cushions are ruined, the piping is chewed away. We covered them up to protect them a bit.
Because it was a sectional, slipcovers were nearly impossible to find, and nothing in a the style or color I wanted. So I had custom slip covers made.
While I wouldn't say it's cheap, it's certainly less expensive than reupholstery or buying a new sectional. Several people commented on my sectional, not realizing its new life was due to slip covers. You can tell if you look closely, but in general it looks like new. I'm also having custom throws made to try and protect it longer.
They couldn't completely match the color so it's a bid redder than the brick red I had before, but hey, the teeth marks don't show now!