I got the lifetime warranty when I purchased my new TT in February. I was disappointed (but not surprised) that it didn't cover everything like the salesman said. It covers the major items. I'd have to get the warranty to see exactly what is and is not covered. You have to have the yearly maintenance done at an RV dealer (not necessarily the one you bought the RV at), and you have to send in the piece of paper confirming the yearly maintenance was done, complete with the dealers signature, in order to keep the warranty in effect. There is a list of what has to be done in the yearly maintenance, and the dealer I bought if from estimated that would run $100-$200 a year (things like repacking the bearings, cleaning the refrigerator flue, etc.) There was no mention about having to repair any problems they found, but I'm sure they wouldn't cover them if they weren't repaired.
It is basically a 3rd party warranty, that you have to send yearly documentation to maintain coverage. I didn't buy just because of this, but this was a nice add on (although I'm sure the cost was included in my sales price). We were looking to upgrade after 10 years with our 1st TT. The kids are no longer camping with us, so we no longer needed the bunks and wanted a better layout for our situation.