If you are going to keep this set for a long while. I would say go for it. Tv repair is very expensive. If this thing needs repair just once; you got your money worth.
I just bought a panasonic 43 rear projection lcd monitor. I have been having problems deciding if I want to buy an extended warranty or not. The cost is $499 for an additional 4 years after the manufacture warranty. My question is this worth it or not in your opinion. The warranty if from Circuit City and it's the advantage plan.