All manufactures will cover their set for one year. It's after the one year manufactures warranty is up, that you can run into serious problems. Take it from me from personal experience.
I bought my new Hitachi 61UWX10B in August of 2001. Since my original purchase, my set has been repaired for convergence problems twice, with repair to the convergence board. Both of these problems arose in 2003 and 2006.
Once my convergence board was repaired in April of 2006, the set ran fine for about two weeks. In the later part of April, I noticed fine black lines running throughout the middle of my picture. I would call them, tracer lines, almost like interference.
The horror story began on June 10th, 2006 when my TV was picked up. Since June 10th, 2006, the repair shop has replaced every single board within the TV. To be exact, that's (5) boards and guess what, the technician says the picture is even worse then before.
Now I'm waiting to see if GE is going to replace my set or replace all three CRT's, because thats the only thing they have not replaced so far. Talk about critical thinking, if GE ops to replace all three CRT's, I'm figuring the total cost of parts alone, would exceed around, $2000.00. If GE decides to replace all three CRT's and the problem is still there, then GE when have to send me a voucher, so that I can purchase a new TV. That would be the purchase price that I paid for my TV back in 2001.
I look at the solution as, I either receive my old set back with all new parts, basically a new set or I can purchase a new HDTV with todays latest features. It's a win win for me, the consumer.
My extended warranty expires on August 16th of this month and I am still planning on renewing my warranty contract for one more year, at a cost of $359.00, if I receive my old TV back. At least I would have peace of mind for one more year, and protection.
Without my 5 year extended warranty, I would be hosed. I would highly recommend purchasing the 5 year extended warranty. Most people never have to use their extended warranty, but in my case, it has saved me.