I have a nearly 2yo iMac. We bought applecare. Thank goodness! We have to carry that sucker (27" monitor and it is heavy!) through the mall to the local apple store. The power supply has now been replaced twice. The second time, DH insisted that the whole thing be checked out. The tech got special permission to replace other parts (can't remember which but the repairs were substantial), had the repairs "signed off on" and that was that. Except when we picked it up they didn't do the repairs that we discussed! Still, it is SO annoying to take it in and get it fixed that we haven't taken it back yet to complain.
My applecare is about to expire and now my computer is making is a super annoying high pitched sound. I either have to wait for DH to take it in for me, get a babysitter or try to take it in with two little kids. DH is home for exactly one hour per weekday so this just stinks. I am NOT impressed with apple.