Since my console bricked I have been looking into my options as far as warranty. I bought my 360 from Micro Center in late Nov2006 w/ the extended warranty. Their 1 year warranty actually covers between time of purchase until 1 year after the manufacturer's rebate ends so if you buy a 1 year, in effect it's a 1 year and 90 day warranty. Anyway, as you know MS extended the warranty on the 360 to 1yr, applied retroactively, so I called Micro Center and asked how this would affect their extended warranty.
The way they've (management) decided to do it is to honor the extended warranty from purchase to 90 days, then from 90 days to 1yr you are only covered only by the MS warranty, then after that the Micro Center warranty kicks in again for another year (for one year warranties). I guess that way the total amount of time Micro Center covers does not change, but they've shifted the coverage around so you're not wasting your extended warranty by overlapping it with the MS one a majority of the time.
The way they've (management) decided to do it is to honor the extended warranty from purchase to 90 days, then from 90 days to 1yr you are only covered only by the MS warranty, then after that the Micro Center warranty kicks in again for another year (for one year warranties). I guess that way the total amount of time Micro Center covers does not change, but they've shifted the coverage around so you're not wasting your extended warranty by overlapping it with the MS one a majority of the time.