EB has been offering extended warrenties for a long time now.. I've never even heard anyone at my GS mentioning their's (though they do have a sign).
The extended warrenties they provide are crap, especially on the games. For systems, they'll only fix/replace it if the thing won't work at all. For games, they'll only replace your disc (with a used one, they'll only give you a new disc if they don't have any used ones).
Stores like Best Buy and Circuit City have much better plans for hardware, even if they're more expensive. Even if the smallest thing is wrong, they'll fix it.