ERS is above standard warranty service. For $29.99 they ship you a new replacement device immediately via overnight service and you have 10 days to return your device. There are other free options but this one sends you.
I have found that the fee is most frequently waived when I have AppleCare on the device.
Hey just remember they also place a hold on your credit card for the "replacement value" of the device. In your case it will be $749, $849, or $949 depending on the storage configuration.
Dave