Are sofa slipcovers a viable option?

I have a La-Z-Boy sofa that cost me a serious chunk of money, and the cats have already pretty much destroyed the arms (they’ve never done that with any of my other couches, this one seems particularly attractive for sharpening claws). I don’t want to spend the money to buy another couch, but my living room looks like crap.

Looking online, it seems that a lot of people are unhappy with their slipcovers, complaining that they rumple, ride up, and look messy.

Have you used one? Did you like it? How do you find one that fits correctly?