We got a new couch when #1 was born, and I wanted leather (or 'leather where it counts so the back isn't real leather), because I thought it'd be easier to clean. We paid a little over $2000 I think (from Furniture Galore) and it's still looking good. FIL was a bit dubious, apparently DH stabbed into some vinyl car upholstery with a pen as a kid (who knows why) and FIL predicted it was a possibility ours would do the same, but I figured it was more likely a kid would pee, spew, spill and draw on the couch before they stabbed holes in it, so we took our chances.

If you're happy to wait, I'd be inclined to set a budget and then keep an eye out - and of course, the longer you wait, in theory, the more you can save? I just think, yeah maybe a kid will damage it, but what if you get one you don't really like and it lasts forever? I think make sure you really like it.

Alternately, I suppose you could get a cheaper one (like Ikea with the interchangable covers or something) until your bub's old enough to understand loss of privileges for a month...you can always sell it on ebay when you're done with it, to get a bit back.