Xbox 360 Extended Warranty Options

I'm going to purchase an Xbox 360, and I would like to know which would be a better extended warranty?
GameStop offers a 1 year warranty where they will replace your console with a new one if it should break. Then there is the 2 year extended warranty option through Microsoft.

I realize Microsoft has extended their warranty for the "Red Ring of Death" problem, but I would like additional coverage should anything else break on the console.

Thanks!