We had a cheap, red microfiber sofa in the past & now have a light tan one.
The tan one was scotch guarded. Both cleaned up well, usually with just a baby wipe. I noticed the red one would leave red color on the wipe & even on our walls...but I never noticed actual fading of the couch. I have not noticed color transfer with the tan couch. The seat covers are fully removable, I spot clean with a baby wipe and then throw them in the regular laundry once in awhile to spiff them up. The only problem I am having is the arms...my kids spill on them a lot. They clean up pretty well, but are starting to look dirty/worn after some 3 years or so of spills.
I don't have a problem with dog/cat hair sticking to it. In the winter I slip a dryer sheet in each cushion...makes the static issue virtually non-existent. For another seat we have with a traditional upholstery covering I use a mitt that is made for removing hair from furniture. It works quite well. I want to say it was made by pledge maybe...it was inexpensive.
Now how to keep the little cat fur balls off my bed sheets & my carpeting would be a nice trick. With two medium haired cats in the house...well, we have lots of cat hair "tumbleweeds."