All I Want is a Room Somewhere

We have a couch here in our apartment, well, actually we have one leather couch and one black futon thing. We like to have couches for sitting and napping on, and because sometimes when we have all of our favorite people over it is nice to be able to seat folks comfortably.

Unfortunately, both couches are feeling their age- the futon is pretty much flattened into a pancake of discomfort. The disgustingly old foam cushion that once gave a foam-o-phobic friend of ours fits (true story!) is no longer doing its job, and the back of the futon sags like an old lady's knee-highs. The leather couch, although still amazingly comfortable, is sadly scratched and water-spotted beyond any semblance of the fine furniture it once was, and a few of the cushions are so worn out that the seams have split open, revealing the stuffing inside.

Basically our couches look like we got them cheap off some hillbillies. I'm pretty sure the futon thing should be easy to fix- just buy a new cushion thing, problem solved. The real couch, though. It is comfortable, so we don't really want to part with it, but it is ugly as sin, so we don't really want other people to see it. We're thinking of getting a slipcover for it, but the very word (slipcover!) just sends thoughts of grandmas and poor folk through my mind. And where does one go to obtain such an item? Truly, the only place I can think of to look for one would be WalMart, and that seriously doesn't help my fear of grandma/poor folk associations. Any other ideas for our couch?