What I've done is find some matching knitting yarn, as close in color as possible, and darn the hole. Our couch has a woven-like texture and it was really easy (if you know how to darn), just start (and end) with good strong stitches to secure and darn the normal way, over and under the strands of yarn. It might not have done the trick 100% but it certainly looks better. The finer the yarn, the less noticeable, for a smaller hole.
Barbara, January 2009