Slipcovers. Are they worth it?

I have two ugly couches that will be in my nice new house. (House is 34 years old, but new to me). I realized the other day (light-bulb moment) that instead of paying a bazillion dollars to have the one with the hide-away bed in it reupholstered, I could buy a slipcover.

The thing is, they are almost $100 for one that looks alright to me. Are they worth this much money? I normally wouldn't care and buy it anyway to find out myself, but since I'm still recovering from a full pay period without a paycheck, I can't really afford a bad purchase hassle right now. I need something that will work, and that will work before my oldest friend shows up at my house in a couple weeks with her family. They can't see how ugly this couch is, let alone sit on it the way it is. It's just embarrassing.