Applecare is almost 300 bucks (actually its probably around there after tax)
Actually that depends on what a deal you get, right now I see an auction, closing in 2hrs, where AC for a MB is 152.50+9.99 shipping.
If you're a student you can get it for 183 for MB, 239 for MBP.
I've heard people getting new mac's cuz apple, after several tries, couldn't fix it. Imagine you bought a rev a MB, have problems, they can't fix it and they give you a rev b one!
Also, if you buy a monitor with your computer at the same time the AC will apply to both! Plus you get tech support not just on those products but on the OS and Ilife.
Plus, if you're overseas, you can get warranty Service! Try that with some extended warranties for Windows Laptops!
Finally, you can cancel within 30 days and get a refund. If you cancel after 30 days there is a small cancellation fee and a pro-rata refund. I don't remember seeing that option with other(TV, Frig's,etc) extended warranties.
P.S. If you're going to wait to buy it, don't wait till the year is almost up, buy it either when you buy your computer or at the 89 day mark. It automatically extends the tech support from 90 days to the three years, might as well use it as much as you can!
Go here:
http://images.apple.com/legal/applecare/docs/AppleCare_Protect_Plan_NA_en.pdf
It's an eye opener how much Apple gives to the consumer in comparison to other extended warranties. If you either find a good deal on Ebay or are a student, your mere paying pocket change it for all you're getting. I believe others haven't taken into account what Apple gives you with AC. It's not just simply a repair service(like GE for their fridges---although if you took your fridge overseas, I doubt GE would fix it there
Comprehensive coverage
The AppleCare Protection Plan covers your Mac, as well as an AirPort Extreme Card, an AirPort Express or AirPort Extreme Base Station, and Apple RAM purchased for your Mac. Mac mini, Mac Pro, Power Mac, MacBook Pro and PowerBook customers can also register one Apple display for coverage, provided the Mac and display are purchased together.
One number to call for help
Just one phone call can help resolve most issues with your Mac. The AppleCare Protection Plan provides support for Apple hardware, the Mac OS, and Apple consumer applications, including iLife, iWork, Jam Packs, iChat AV, Mail, Safari, iCal, iSync, AppleWorks, and QuickTime.
Convenient repair options
The plan also provides global repair coverage, which can be very important if you travel abroad.