You can get it replaced the same day at an Apple Store instead of waiting for them to ship a new one. It sometimes takes Best Buy a couple weeks to get a replacement. If you need to get the phone replaced for whatever reason and don't live near an Apple Store, they will waive the $29 two-day shipping fee and ship it for free. Tech support is extended from the included three months to two years. It's pro-rated, so you'll get a portion of your $99 back if you cancel/sell it before the end of the two years.
It's a $50 deductible.