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IMO, no it's not. But you might want to think about it for the PS3 controller you buy separately (they often don't last very long).
 

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I kept a tally over a period of 10 years of the amounts I would have spent on extended warranties versus the amounts that I had to spend on repairs/replacements. The ratio was almost 8:1 against buying the extensions. Numbers aside, the zeal with which salespeople try to get you to buy them ought to raise a red flag that it ain't working in your favor!
 
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