I keep my equipment for a while so it makes sense for me, as I do use my gear allot, but I only get it for my dslr, and not my point and shoot. So it really up to you, if you take good care of it, and plan on keeping it. Then it may be worth getting an extended warranty.
Super Frequent Flyer, no joke. Ex Patriot and loving it.
Canon Eos 60D, T1i/500D, Eos1, Eos 630, Olympus EPL-1, and a part time Pentax K-X shooter.