Slipcover vs. Reupholster

I have this chair in my living room.

It's hand-me-down, as is most of the furniture in my home. It had belonged to my parents, and matched a blue and white buffalo print sofa. You can see, it's very worn, but it's actually pretty comfortable. I've been debating whether to buy a slip cover for it, or have it reupholstered. I was at Target the other day and found this slipcover reasonably priced.

Not very exciting, but since I like to change up my decor often, thought it would be a nice choice. I'm just not sure if it will look as nice as it does in the picture. Will it stay in place with three active kids sprawled out on it?

The other more fun option, would be to have it professionally covered. There are so many awesome fabrics out there to choose from.
Here are a few that I really like from Ballard Designs..........

And here are a few fun ones from Pottery Barn...........

With a family vacation next week, and the Christmas holidays shortly after, I'm sure I won't even do anything with it until January. I wish I could have it done before I decorate for Christmas, but since that's not going to happen, I'll just take my time and figure it out. Opinions anyone?
This is what the rest of my living room looks like.

Oh, and I finally used my Cottage Coastal Store gift certificate tonight! I chose................................

The white washed whale! It's going to replace the galvanized watering cans above my kitchen window.

Can't wait to get it!! (Thanks again to House of Turquoise and Cottage Coastal Store!)

Enough dreaming. Time to make myself useful around here.
Hope you had a great Wednesday!
:)