I bought a set of leather chairs from Ikea for my office. Original price ~ $298, now offer at $128. It can be found in the Ikea catalogue. But it is always out of stock and I did not see a sample when visited the Alexandra branch a few weeks ago.
For $128, it is a really good deal for real/semi-real leather (real part is whereyou sit, the back and sides are semi-leather).
But one will need an air-conditioned room as it might get hot after a while.
As for durability of Ikea products, they claim to have done 'stress-tests' on chairs to ensure they can last xxx hours. For other products such as cupboards, they're been known to 'sag' at the weak points. But for their price/style, it is sort of the rates to pay. Unless one wants to fork out $$ for solid wood furniture, Ikea is a good place to shop!