My girlfriend had a Gateway 5150 with a 3 year warranty which she used three times, twice when the backlight went out on her LCD and once just to replace some damage to the outer shell and to the plastic cover for the ports. The motherboard has failed now (4th year) and no longer recognizes and devices attached to its IDE controller.
Her roomate in college had a 3 year warranty on her sony laptop, which she used 4 times, 3 times to replace the LCD which kept crapping out with vertical bars, horizontal bars and backlight dying... 4th time they replaced her laptop entirely with a new model because her old one was discontinued. Its still working fine for her now (6th year since purchase)
My poor Toshiba Satellite S3000-353 had only a one year warranty, which has since expired without me ever using it. I'm still using my laptop, with a cracked plastic exterior, fading paint, missing rubber feet, and missing clip so the laptop never really closes... and its still kickin it... so far...

I guess the moral of my story is that there is no moral.... o_O Get it if you want, or not if you don't care...

Maybe you'll be one of the many who's electronics work exactly like they're supposed to... but then maybe you'll also be one of the lucky folks who take care of their stuff and it just sorta poops out on ya.