Duff,
It all depends on the current state of the existing floor.
It may be of use to get an experienced floor fitter to check the issues and provide advice.
You may get away with simply laying the underlay and laminate flooring on top of the current floor as it is.
However you may need to screw a sublayer down to strengthen the area before laying.
I have laminate upstairs in my house, 3 bedrooms and a study.
I would go with laminate every time, the thicker the underlay and the thicker the laminate the better.
I have a 3mm silver back acoustic underlay with a 9.5mm laminate board.
I believe putting anything other than laminate upstairs is a waste of money.
Laminate is cheaper to buy, cheaper to lay and usually comes with anything from 10-20 year guarantees.
(NB - cheaper to buy does not mean that it looks cheaper and nasty).
Good Luck.