Vivitek simply includes the LED light engine as part of the projector, not a consumable, so you are getting 2 years parts and labor on the LED engine as well.
Just as I have a problem with a 500 hour warranty on a lamp that's supposed to last 4000 hours at full power, I'd like to see companies such as Vivitek, Casio, and others with solid state light sources, put warranties on the light engines that are at least 20 or 25% of the claimed life. If that was the case - and it's not, then 25% would be 7500 hours, since Vivitek rates their light engine at 30,000 hours. At 20 hours a week, that would be a five year warranty.
Well, it seems I'm really looking for things to complain about. All considered, it's a good warranty!
Once you start comparing against conventional lamp projectors in the price range, you'll again find a mix of one and two year warranties, but also a number of three year warranties. Further, a number of those companies offer replacement or loaner programs, always a great thing for a road warrior to have!
So while the warranty is better than average for small LED projectors, there are plenty of competing lamp based models with longer warranties on the hardware.