Warranties on ANY electrical item are a waste of money (at least in the UK....).
If your item breaks, even just outside it's standard 12 month manufacturer warranty, you can still force the manufacturer or in some cases even the shop you bought it from, to provide you with a replacement/repair at no cost. UK law dictates that any item you buy should work for a "reasonable amount of time" after buying and anyone sensible person can argue that a PS3 costing £300+ should indeed be expected to work for FAR more than just a bog standard 12 month warranty.
I had a laptop from PC world that stopped working after it was 14 months old, and although the shop I took it back to were initially very unhelpful as it was past it's 12 month warranty, I fought my corner and took them to the small claims court under the Sale of Goods Act. The shop were forced to accept my item back and either repair or replace it at no charge... they ended up replacing it and even gave me a bunch of vouchers that I spent on some anti virus software and stuff.
Not only that, but a lot of the time your standard household insurance will also cover the replacement of an electrical item in your house - you may have to pay an excess to make the claim, but the option is there.
Remember though - what I'm talking about is UK law. I imagine it's similar around the world, but I could be wrong....
Bottom line is - warranties are usually a big waste of money when you generally have all the necessary laws already covering you, as long as you're prepared to fight and not accept some half-a$$ed shop manager's answer.
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