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I'm kind of with Orv on this. On an older rig like Orv's or if you're not mechanically inclined (no - that is NOT pointed at Orv), then warranty's are a good idea. However on a new rig or if you can do things yourself, I do not recommend them. Yes, you read horror stories, but remember this: for every one of the horror stories you hear about, how many people never had a problem (and thus you never hear about)? I'm in that group: other than warranty issues which were covered by the dealer/factory, we haven't had any major problems and the minor problems we've had, I've taken care of for a lot less than the deductible. My advise would be to take the money you would spend on the extra warranty and put in the bank in a 'rainy day fund'.
One other side note: many of these extended warranty companies have been known to take your money and then either deny claims, or go out of business, so if you do decide to go with one, go with a brand name, like Orv did with Good Sam. Be wary of purchasing one from a dealer, as they raise the price so they make money of the deal too. Good Sam's is probably one of the most reasonably priced ones around.
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