Personal opinion.
I figure for me, I ride maybe 10k miles a year and pretty mellow. I do routine maintenence myself. The warranty covers only major failures, however there is trip insurance included in that cost that covers hotels and whatever during a breakdown(but only if a warranty item breaks while on a trip).
Pretty much I could take a $500 blow out on a part in the next 3 years and not feel bad about having to fix it myself. There's not too much that would individually cost that much, so I'm guessing I should be safe, knock on wood.
If you aren't mechanically inclined, and don't want to chance it, it's a pretty good deal I think.
Gabe