I'm happy that Apple accepted that the "Sleep/Wake Button" (SWB) on iPhone 5's are a problem and stood solidly behind setting things right, in the end, in my case.
I took my iPhone 5 into an Apple Store with a faulty SWB on April 26, 2014 (one day after Apple having announced their SWB repair program). They tested my phone to verify that it suffered from the acknowledged problem. They gave me a loaner. They sent my phone on its way to a repair center. Paperwork for both the phone being repaired and for the use of a loaner phone was filled out. A little time passed, while using the loaner. Then, they called me on May 7th to tell me that I can come in with an ID to exchange the loaner for my own phone.
Neither I nor the store personnel know why, but the repair center judged my SWB to be unrepairable and authorized the store to issue me a brand-new (not refurbished) iPhone 5 64GB, instead of my original phone. I'm easy on my things, and, as far as I know, my original iPhone 5 64GB was in cherry shape - not even a scratch. According to the store personnel, only 2 or so of the many phones they had so far handled under this repair program couldn't be repaired and required replacement with new phones.
So, brand-new replacement? I'm down with that!. I meant it when I said that Apple stood solidly behind setting things right in my case.
NOTE: Before heading in to the Apple Store on the initial visit to have my phone sent off to a repair center, I was sure to gather the facts. An important one was that the loaner phones are only 16GB. Another important one is that they will have to nuke your phone's content and settings to run the necessary tests and to repair. So, if you have a 32GB or 64GB phone with more than 13GB of stuff on it, be sure to perform the necessary iTunes library magic to be able to fit a workable backup onto the 16GB loaner, while preserving the capability of ultimately restoring your original larger-than-13GB backup to your repaired 32GB or 64GB phone!
Thanks to Apple.