I did purchase the tire and wheel care protection. The brochure seems very clear on what they will and will not cover and what happens with a claim. I'm taking the car in tomorrow for my first claim so I'll report back my experience. $1200 for 5 years protection in the pot hole ridden midwest seems like a reasonable deal. Especially when spread out over 48 months.
Still shocked by luis's response above. How can you live with yourself buddy?