I was assured by a senior representative that if it is, indeed, a hardware malfunction, then Apple will honor exchanges for a full year after the purchased date. That makes sense to me. If this is a hardware glitch that cannot be remedied via a software patch (which I think it can), then it's Apple's responsibility to replace the defective unit. With my years of experience with Apple customer support, I have no problem believing this would be the case. So don't worry too much about your return/exchange period ending guys (and gals!); if it's a hardware problem, you'll get your new hardware.
Granted, I don't know if the unit will be "new", "as-new", "refurbished", or "better than nothing", but I've found the quality and longevity of Apple-certified refurbished products to be excellent. Aesthetically, they are brand new, and all internal components go through at least as much quality testing as the new models, if not more. Now, I know there are those who demand a new product on principle, but that's a debate for another forum.
I agree with the previous poster that said that the reactions to this issue are a bit over the top. Don't get me wrong, I dislike a defunct product as much as the next guy. I am about as picky as they come, and I have demanded (via a trip to the Apple Store and two lengthy phone conversations) that this issue be addressed. Same would go for a rattly power button or a scuffed edge. If I'm not 100% satisfied with such an unquestionably premium product, I will take the necessary steps to remedy the issue until I am 100% satisfied.
But I think, right now, going through the hassle of multiple exchanges or returns is a waste of time (I'm sorry to all those who already suffered through this fate!). Either a software update will be issued in the coming weeks -- we all must be patient -- or they'll exchange the faulty hardware. Apple, or at least those who matter, is aware of the problem and is working on a fix. Now we wait.