Should I buy the Geek Squad Extended Warranty?
Consumer Reports says No because for the cost for almost any repair is $280 or LESS anyway so if you have damage after the 1 year manufacturers warranty, you can just pay it if you need it. If you reach 3 years with no trouble you SAVED $300
The "full coverage" Geek Squad Warranty that covers accidental damage and everything EXCEPT theft and fire is
Just about every consumer adviser expert out there like Clark Howard say do not buy an extended warranty. Only one time have I ever bought one ironically I did need to use it for a 32" HDTV that I carried around for tailgate parties (bought a 3yr from Best Buy's GS for $50 knowing it might get abused). Some rain got in the vents on top due to carelessness and caused a dark spot on the display.
I let it dry off for days then filed a claim with Best Buy. Since it was about two years old and not fixable, they gave me a store credit for the original purchase price, which ironically I was able to buy a new 40" HDTV for the same price I paid for the 32" including the $50 extended warranty. I chose not to buy it again on the new one and am more careful with it now (read: cover it and put it away if rain drops start). So the way I see it, I actually gained from it. But that's the exception, not the rule.
But if you take care of your hardware, yes, they are a big waste of money. Especially at the price they are asking for that pro-level camera of yours at $1,400. But if you think you might be using it in situations where it *may* get damaged like dropped on concrete or in water, then that's up to you to think of it as an insurance policy.