Where cost is a concern, professionally-installed laminate floors cost approximately the same as a Swedish-finished hardwood floor. So why choose it in the first place?
Depending on the subflooring, solid wood may not be a possibility.
Also, laminates are extremely durable and are great for homes with a high degree of foot traffic (children and pets add significantly to traffic in a home). They are incredibly easy to maintain and will not fade, even in direct sunlight.
Most laminate flooring comes with a triple warrant against wear, staining and fading. Some manufacturers also offer moisture warranties, but look closely at the warranty itself. Many are really just an extension of your homeowner insurance. But if your insurance company doesn’t cover the damage (but they usually will), the flooring manufacturer may cover a portion of it. Either way, make sure you know what you’re getting before you buy.