Yeah, I was offered that option when I had my computer replaced under warranty. Problem was, I'd bought AppleCare about 2 weeks prior, but the prorated refund was based on the original warranty date a year earlier. I would've had to pay an extra $60 to repurchase it for my new machine, which I thought was a bit absurd. I just transferred it instead, so I had a year less AppleCare than I would've had if I'd waited, but I don't expect problems.
jW