As the owner of more than a few rods with "lifetime" warranties to the original owner I offer a resounding NO!!!
First off, when I bought my rods, the "service charge" for execution was my outbound freight...
Now it will cost me close to 50% of what I paid for the rod to get it repaired and I would venture to guess the likelihood the manufacturer still has blanks in stock is nil. That means I get one of their newer creations that don't interest me for a lot of reasons.
Besides that I have broke only one rod (glass) in my life. Ironically that rod WAS under warranty. At the time it broke (a total fluke and not my fault) the rod was new and it was only the second time I used it. It was a discontinued rod at the time it too...
In a total panic, I called the rod manufacturer right from the creek I was fishing to ask if they still had blanks for this rod line and I was assured they still did. However that was not too long after they stopped making them and probably close to 20 years ago. Today that company doesn't make glass rods...
Even with that one instance of a warranty saving one of my rods I still say NO, warranties are NOT worth it.
But just try and get the manufacturers to offer the same rod with, for more money or without for less.