We had a suede-feeling couch, I guess it was micro-fiber, when we had our labrador. I swear to god, he was the WORST shedder ever. But strangely, the couch did not really collect it. I had to vacuum the house every day or if I didn't (which in reality I only vacuumed about 3 x's a week) it seriously looked like I hadn't in a MONTH. The couch always was perfect, though.
I don't think all micro-fibers are the same. I can't remember who the manufacturer was of that set, we bought it in 2003 when our kids were all under 7 and it still looks great. It's in the basement now, for them and the couch we have now looks and feels like leather, but it's fake. It is by the same manufacturer, which is partly why we bought it. It's awesome--and they were very reasonable. But quality made, as evidenced by the set still downstairs. If DH can dig the name up, I'll pass it on, just in case you ever see it. Finding well made furniture that doesn't require a down payment similar to a car is a miracle!