I'm an AppleCare convert...
I didn't get it on my first two PowerBooks, but I HAVE gotten it on my last two... mostly because the first two I bought personally, and these last two were purchased by my employer!
But if I were to buy an Apple laptop personally now, I would buy AppleCare... but maybe not until after approaching the end of the first year. (If they let you buy it then, why not wait?) The reason why is based on my latest experience...
My previous laptop was a PBG4 (DVI). The first thing that happened was that it slid off my lap and hit the floor exactly at the point where the power cord plugs into the computer. The computer was dented around the DC input as a result, but it didn't seem to affect the computer's ability to be powered. So I never asked about this being fixed because I didn't think accidental damage was covered.
Then my computer developed the infamous white blobs on the screen... this was covered under a recall, but not initially. Several people had their's fixed under AppleCare. Once I finally found some time to be without my computer for a week at work, I took it in for the screen replacement.
After getting the screen replaced, my AirPort performance was dramatically reduced -- I pretty much had to be in the same room as the router for it to pick up a signal... and forget getting a signal in hotels! But I put up with it because I was okay at home and in the office, and it was too important that I have my computer for work, so I didn't take it in for repair.
Finally I decided to inquire about the issue at the Apple Store... at this point I was well past the initial one-year warranty period. I thought perhaps when they replaced the screen, the antennae may not have been properly connected to the computer. But despite several tries at several different Apple stores, no one could solve the problem... And I couldn't leave my computer for an extended period for them to figure it out.
Shortly after the last time I had someone crack open the computer to see if they could "fix" the AirPort issue, I began to have problems powering the computer. I thought at first that it was a problem with my AC adapter as I had already had one fray on me and I had had to buy a new one. So I took it into the Apple Store again and they tell me it isn't the cable, but the DC power input board (or something like that). I am not sure why, but I didn't leave it for repair. I think it was because I had a big project at work and I thought maybe I could figure something out.
After playing with the power cable, I found I could power my laptop by pushing on the input jack with some force so that it connected with the computer at a certain angle. This worked for a while (and required an intricate setup of weights and counterweights that is too complicated to explain here!), but it was extremely frustrating. I managed to hold out long enough until I could order one of the new MBP's with the Intel Core 2 Duo chip. Once I got the new computer and got all of my files transfered, I finally was able to take the old PB in for all the repairs it needed. I was of course now outside even the extended AppleCare period, so I was prepared for a big repair charge.
I took it in and explained everything my poor PB had been through. The Apple "Genius" looked up my computer in their system and reviewed it's history. Apparently, every time I brought the thing in, there was a note in their system! He took the computer to the back and someone looked at it... I don't know if they opened it up or what, but when the guy came back, he confirmed that it would need a new DC power board, and also a new bottom case because of the dent at the input. I sheepishly asked what this was going to cost me, and he said this kind of repair usually runs about $600. BUT! He was going to override the charge and claim this all as warranty work!! And all because I had brought it in so many times while it was still in the warranty period, and they had a record of that even when I didn't leave it for repair. I had even admitted to causing the dent, and that was going to be covered too. I couldn't believe I was going to get out of there without having to pay for anything, but I did!
So at the very least, I think you get better treatment if you have bought AppleCare. And apparently there is some Accidental Damage coverage... who knew?