Let me add my iMac story along with all the others, mine has a happy ending though ... or does it?
I purchased my iMac 27" in January 2009. I noticed the display issue (looked like water marks, and gray "bloches") starting in about March, and didn't do anything about it. Once my Optical Drive stopped working in May, I finally hooked up the Time Machine, backed it up, and brought it into Apple. They gave me no problem whatsoever with replacement of the parts. Turnaround time was about 3 days.
In September, the display issues came back. Once my Hard Drive crapped out in Mid December, I then brought it in to Apple for service. They once again gave me No Issues at all with replacing both parts. At this point i knew i needed to purchase AppleCare, but completely forgot about it. Mid January, i noticed the screen problems again.... OH CRAP i said... Let me see if im still covered! I learned that My warranty expired January 3rd 2011........ OH CRAP (other words were used this time)... I called Apple and explained the situation..... screen was replaced twice.... The woman transferred me to "2nd Tier" support, where a Gentleman said that I was still within my "90 Day" warranty from my replacement in Decemeber. WHEW i said. So i brought my imac ONCE AGAIN to the store, and they replaced it ----- With no issues (as usual)....
I got my computer back (3rd repair) and brought it home..... The computer WOULD NOT BOOT (had to use Safe Boot), The optical drive was TOAST, and the BRAND NEW REPLACEMENT SCREEN was much worse than when i brought it in. I was Furious!! I called the same person from the 2nd tier support back, and he told me he would have to Call the Apple Store and see what the actual repairs were. He called me back about 15 minutes later and said that they would replace the entire machine (keep in mind, i'm out of warranty by about 21 days) --- I was very surprised. I was sent a mailing label for the old computer to go back... and once the label was SCANNED in CT, they shipped the brand new 27" mac. I rec'd the new Mac today...
Now is this good news? It sure is.... but i sure hope that Apple has gotten their act in gear.......