I am facing the same dilemma, as shortly will be getting a 17" MBP + 23" ACD. Here in the UK Applecare costs £279 (thats $560!!!) ....doesn't seem such a good deal now!!
In the UK / Europe, we have strong consumer laws, saying that manufacturers must by law provide warrantees for 2 to 3 years for goods such as this, unfortunately Apple do not honor this (evading consumer law), so we are left with the dilemma of to buy or not to buy?
If I buy my MBP in the UK, but purchase Applecare from the US apple website or ebay (globally), will apple honor this?, or will I be in some ridiculous situation where I can only get telephone support from the USA and not locally or will they be "less than helpful" when I need repairs in the UK, etc... ??