I would make that call based on your child's temperament. If you have a VERY easygoing 1 year old, who will be content to sit on your lap for 3 hours, then go ahead and do "lap baby". However, if your baby is at that age where he's starting to throw tantrums or get antsy if he sits too long, I'd really strongly consider buying a seat and bringing a carseat. Sure, it's a pain to lug the carseat around the airport and stuff, but for a 3 hour flight? Think about that. What if the baby wants to fall asleep? Who's going to hold the baby for 3 hours? What if you or DH needs to get up to use the bathroom? What about your own comfort on the flight? I don't know about you, but I don't find it overly comfortably on ANY plane, let alone having to sit and hold a squirmy 1 year old for 3 hours. By the time I landed, I'd need a couple glasses of wine and a massage.
How much is your sanity worth if your child decides to throw a MAJOR tantrum at takeoff time and doesn't "feel" like sitting nicely in your lap? I was on a flight yesterday with a "lovely" 1.5 year old boy who pulled this on his mother, who did NOT buy a seat on a COMPLETELY full flight. I swear, that kid sounded like he was demon possessed. The flight crew was *this* close to pulling her off the flight because the kid was completely out of control and would not sit down (he was literally crawling UP his mother's chest and trying to go over the seat back).
Know your child, and make a decision based on how you think he will do. We just took our children on their first plane ride this past weekend. Our boys are 4.5 and 3. We had a feeling (based on his temperament) that our 3 year old *might* throw a major tantrum and NOT sit nicely on the seat with the seatbelt at takeoff/landing time, so we lugged the stupid 20lb carseat through the airport, along with 2 strollers, even though he is plenty old enough to just sit in the seat without a carseat. Turns out, he was a complete angel, BUT he fell asleep on the return flight home, and had he NOT had the carseat, his head would have been flopping around everywhere and he wouldn't have been able to sleep at all (our 4.5 y/o also fell asleep, and I had to brace his head with my arm for the whole flight...which wasn't very comfy for me). I didn't anticipate the older one falling asleep, since he hasn't taken naps since he was 2...but I DID anticipate the little one napping, which is why we STILL brought the carseat on the return flight, even though we knew he would sit nicely on the plane seat without it.
You gotta anticipate all that stuff.
I'd recommend buying a seat, and using the carseat. It's easiest for everyone involved, will allow your child to sleep comfortably in a familiar place if needed, and will most importantly keep him safe in the event of turbulence.
My flight into Orlando a few weeks ago was PARTICULARLY bumpy...