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The value of the warranty (at least to me) declines over time. By the time the computer is 4 years old I'll be hoping it dies so I can replace it without feeling guilty. I don't think I'd go for more than a 2-year extension (the computer will be a year old when the original warranty expires). At $70 to 140, that's probably not a bad deal.
I've sent Lenovo an e-mail asking for details about the various warranty options.
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