Hi I.,
I would recommend the leather rather than microfiber for your new family sofa. We have two children and the leather has by far, held up much better than the microfiber.
Note: We had our leather sofa "treated" (they added a protective leather spray/cream on it at the store for an aditional cost.)
The microfiber looks great at first, but with kids,it can get dirty very quickly. Even though my kids aren't allowed to eat in the livingroom, the microfiber recliner always seems to attract dirt.
Also, we chose a more relaxed leather (not the super shiny/perfect leather)in almost a cherrywood color that has stood up to the children's jumping, finger prints, occational food and artwork mishaps, etc...
I think we bought our sofa about 8 yrs. ago (with a then 2yr. old & a 6 yr. old) and it's still looks pretty good; while the microfiber recliner (in a deep tan color) was filthy within a the first year.
My husband cleans the recliner 3 or 4 times a year while we just go over the sofa with the protective leather cream every year or so.