Just remember the hard floors will be slippery where the child has spit up so unless you are right there with them to wipe up and dry the area it could also become a dangerous thing.
I would be inclined to just hang in there a bit longer in the sense of the older the child gets the less they will spit.
I have never had a child fall or slip from puke or spit up but it was definitely easier to clean. This child may grow out of spitting up, but what about all the other new ones that will. Cost wise it is just such a good investment.