I had a friend of mine (former car mechanic, has an old shovel that he works on) that suggested when I first got my bike, instead of doing the the recommended break in, to just go 'balls to the wall'. That way if something is meant to break, it'll do it early on and be covered under the regular warranty. I remember reading something similar a year or so ago, it was a site someone had linked on here.
The extended warranty ends up pretty much useless for most people, except those that only get mods done by the dealer when they purchase the bike. If aftermarket pipes and a/c are put on (not to mention anything else that might be changed), then the extended warranty becomes useless. But on the other hand, if you are financing the bike, and the rate drops because you get the extended warranty enough to make a difference in payment, then why not do it? You can always go in and cancel the warranty later (get the money back, pro-rated, and keep the interest rate!) Not all of us are independently wealthy like you Fatb0y, and have to finance things.
Speaking of arw, I've never heard that you can get the money back on the extended warranty if you never use it. That makes it a pretty good deal if that is the case!