I have a 3-yr damage warranty through Mack when purchased my 7D. As it turned out, I had a tripod accident and blew out the back CF card area. Ok, it paid for itself but took 5 weeks to fix.
I recently purchased into the Canon Professional Services (CPS) program at Gold Level. For a significant repair to my 70-200 f/2.8 IS USM II (same accident), I paid around $300 for "Major Repair" + parts at discount and got the lens back in one working day (sent Thursday, arrived Friday, sent back to me on Monday via FedEx). This for $100 / year CPS Gold and there are more benefits than that - event onsite service, clean certs, swag, borrows.
So for the 5D mark III I recently purchased, I think that is the better way to go - in fact I may upgrade to the Platinum program soon - more expensive but so is my gear and I get significant discount on repairs. And I get my gear back with very little down time.