Well that works! Good for you. Is there a limit of events per year? I thought Purchase Protection is only 90 days?
EDIT: AMEX doubles the warranty, but Purchase Protection covers for theft or damage only for 90 days after purchase. So AppleCare gives you the damage/breakage protection for 2 years that AMEX does not.
But still with AppleCare my warranty exchange took 5 minutes without any paperwork or dealing with a credit card company. It's mainly for the second year since Apple covers year one free. The house rider is so cheap and it covers all my computers and phones too. Regardless I purchase my iPhones with AMEX Gold, but I didn't realize it does not cover a loss, meaning I left it somewhere as opposed to being stolen.