I didn't want to bother doing myself, so I paid an upholstery shop to do it. About $100. They popped it off and returned it the next day. Very happy with the results.
Looks good! Ours is still the orginal fabric in good condition. Your entry made me wonder why Toyota did not simply use the Softtex on the cover. Then it hit me; it is cheaper and simpler to use a nondescript black fabric on every single Prius v rather than match the arm rest to the actual interior.