Depends...if you can get AppleCare + and you live around an Apple Store...you may want to consider it. Taking it in to an Apple Store is much easier than sending it off to SquareTrade and the deductible is the same. However, if you're going to have to put more $$$ into the AppleCare + than what you currently have...it may not be worth it.
Not really...appleCare+ now covers accidental damage for 2 years as well. $99 for two years...two damage claims with a $49 deductible. SquareTrade has the same deductible. Only thing is you have to send it in to SquareTrade, when you can just walk into an Apple Store for replacement. That and the actual warranty is extended for two years...so if a technical thing goes wrong during that time, it's replaced for free...not to mention the added customer support.
If you want another option, Zagg (makers of InvisibleShield) just came out with their own version of a warranty. About the same as SquareTrade & Apple, though.