I will not be purchasing Applecare with my 2011 MBP. At $350, that's an increase of over 10% of the purchase price. It doesn't cover the battery (which will be defunct before the coverage is), nor does it cover accidental damage. It won't cover the aftermarket SSD & Ram upgrade I'll be doing at purchase time, and I couldn't care less about phone support, as I've never needed it before and don't plan on starting now. I can't stand talking to first level tech support anyway.
I'll be buying my MBP on my Amex, thus getting an additional year worth of warranty. Amex will simply cover any charges (up to the purchase price) should I need to take it back to Apple within the second year of ownership. I'll also be getting an accidental damage and theft rider on my homeowners. The $300 I save can be used for a battery when it dies, or perhaps it'll be the start of my savings account to cover a new laptop in a couple years, with plans of selling the MBP just as it exits it's warranty period.
edit: In my line of work, I like having up-to-date computers. The laptop I'm replacing now has been my longest running computer at just over three years old. Four years of coverage is overkill, I'd rather be replacing the machine every two years, and selling the old one to help fund the new one.