Matt,
Next time you visit a Borg take a close look at Pergo or any laminate flooring. It looks like a micro thin coating of vinyl on Masonite. When I did the looking, the thinness of the vinyl made me nervous. I have seen Masonite that has been exposed to moisture for a long period, it "ain't" pretty.
Leigh sounds like the voice of, at least second hand, experience. I would get a few more opinions and make my judgment from that.
I hate doing major upgrades a second time in the same house.