I swear by the Lifeproof. I've never had Applecare.
I put a Lifeproof on my 5S right after buying, sure it was expensive at $80. But I put that phone down on wet bar tables, took it to the sandy beaches of SoCal, took it kayaking, dropped it a few times on pavement, sat on it a million times, and that phone was in mint condition when I sold it (last week) a year later for $450 on Swappa. Literally not a mark, dent, scratch, ANYTHING. Chamfered edges were mint. I guess it may cover the beauty of the phone, but I love that I can sort of use it more carelessly. I am very OCD about my phone, so with the Lifeproof I don't have to worry at all. And yes, the case was proven to be waterproof (tested beforehand) but I have never taken my phone into a pool or the shower or anything just because I don't want to risk it.
I will always put a Lifeproof on my phones. I'm gonna wait to order the iP6, I gotta get paid, but when I do I am not going to really activate it until I have a Lifeproof case. Applecare might get you a replacement if needed for cheap, but it wont keep your phone mint and it won't allow you to take it ANYWHERE! With a Lifeproof you won't need a replacement, simply because the protection is unmatched. Also, the Lifeproof isn't bulky and in my opinion it's attractive looking. It makes the phone feel so much more solid and bulletproof.