Before I continue my "rant", I should point out that with the launch of the PT-AX200U, Panasonic is offering a 2 year warranty as a promotion, that ends 11/30/2007. No way to know if they will renew it. (Don't count on this page to get updated as promotions change, consult your friendly dealer).
There is definitely a value associated with that extra year. If you go with a 3rd party 2nd year warranty, it will in reality, probably cost you around $100 or a little less, although a couple of online dealers throw in a 3rd party warranty at no charge. (Don't worry, the dealer has factored in its cost, somewhere in your total bill.). After all, as they say, "There's no such thing, as a free lunch."
Now the important point here, is that you really should not be satisfied with a one year warranty. Should the Panasonic, or any other home theater projector, for that matter, develop a problem in the 2nd year, it's probably going to be an expensive one. The last thing you want is a $600 repair bill, in year two on a $1299 projector. If you have two years coverage, and it fails in year three, that's a whole different story. Why? Because you're probably about to buy a replacement lamp, anyway ($300?), and if the repair is even $500, that's $800 total, and in 2+ years, no doubt you'll be able to buy a replacement for the AX200U, that's every bit as good, or better, for that $800. That's just the nature of home theater projector pricing over time. (Two generations and two years ago, the PT-AE900U commanded a street price of about $1900 - $2000, so, the AX200U is barely 2/3 that amount.
So, while 3rd party warranties may have issues and hassles that a manufacturer's warranty won't, when you consider the low cost, I'd recommend picking up that 2nd year warranty. And I mean that, not just for the PT-AX200U, but for any home theater projector that comes with only a one year warranty.