Quick Flaky leather couch fix. Get a chip of the peeling leather, go to Lowes and have the computer match it. Get a sample jar, Paint the flaky spots, voila! Works in a pinch. And looks like aging leather. Just keep doing it until you get another couch.
Love It Learn It Make It: Fix a Rip in Your Leather Sofa - Well, it's my car seat and it's a split seam, not really a rip, but a variation of this technique might work better than anything I've tried so far!
Leather Re-Coloring Balm from Furniture Clinic. I used Furniture Clinic's leather cleaner and this re-coloring balm with a final coat of leather protector to restore my faded, dirty Ethan Allen love seat. It worked wonders.