We replaced all the carpet in ours this past winter after finding a leak in the back closet. We did the removal work...all of the furniture, bed and old carpet/padding and had a professional installer put in FLOR carpet squares throughout. We LOVE it! And the best thing is, if we spill something or one of the carpet tiles gets damaged, all we have to do is replace that one tile...not the entire wall to wall carpet....or worse yet, live with the stain or damage. Overall, it took is 4 weekends, working on it on and off. I suspect if you were to dedicate an entire weekend, you could accomplish the job in that time period.
We also decided to leave out several pieces of furniture and replace the jack-knife sofa with a futon-style. We never used the dinette set and the old sofa was worn. We also took out the recliner and really like the extra space we created by doing so.