Mass amounts of towels, agree! If you have a waterproof mattress protector this is where it comes into its own, too. Sleep in as little clothing as possible (you and him) - easier to wipe down skin than keep changing PJs, especially if he's sleepy and grumpy - and keeps it out of his hair as much as possible.
Don't attempt to catch sick in a bowl at this age. Towels again are your best bet. Just make sure you add a prewash to the wash cycle, to rinse off as much of the residue before the actual wash goes on. Wash at 60 or higher to kill any bugs, too. Hopefully he's not eating too much in the way of solids? If you're breastfeeding by the way, it's best to offer this as much as he wants it as it's the best thing to stop him becoming dehydrated. Even if he throws it straight up, he'll still be getting some goodness from it.
I have actually just made up beds on the living room floor out of blankets and towels and anything else layerable and washable before, just to minimise the effect on the bed. TBH though, I would say stay up as late as you can stand, I find once you get to about 2 or 3am, tiredness wins over sickness and they tend to sleep through then, even if they don't usually. Agree with the previous poster who says you often magically wake just in time as well!
If you don't have a machine washable duvet, use blankets for tonight. Cover pillows with towels as well as they can go funny in the wash.