Sure, I can confirm it too. You have until the basic 1-year warranty runs out to buy the 2-year extension. The only difference is that if you buy it right away, you get 3 years worth of phone support. If you wait one year, the free phone support will expire after 90 days and it won't be free again until you've bought the AppleCare Protection Plan.
The phone support is never "free"; you're buying AppleCare for it remember. And I've never been denied phone support after my first 90 days (even on iPods), so I don't really think that's an issue.
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It's really just whether or not you want to make the investment; if you bought a computer on a credit card, it's likely your credit card company already offers a "double" warranty policy which includes accidental insurance. For example I know American Express doubles your warranty and offers accidental coverage, so your warranty is extended to 2 years automatically.
That said if you plan to replace your computer in a year or two, obviously AppleCare is not as appealing as it is. It is likely you'll never use the AppleCare and it may seem like a waste of money; you may have to do a dozen repairs and all of a sudden it's seems that the $350 is money well spent. For example, my father has AppleCare, but so far has never needed to have his computer repaired or even fixed in any way (*knock on wood*) while I've had to deal with a half a dozen repairs and 2 replacements. Also if you're likely to break your computer because you're usual to drops and other accidental damages, then consider insurance instead.
So it breaks down to how long you plan to keep your computer (whether or not you're reselling, giving it away, or putting it away), if you are a careful user (so weigh AppleCare vs. insurance), your method of payment.
