Three time repair replacement policy?

Here are the stipulations and limitations of the AppleCare warranty outside the United States and specifically, the contact address for your location.

Apple Computer Australia Pty. Ltd.
PO Box A2629, South Sydney, NSW 1235, Australia

“OBTAINING WARRANTY SERVICE 
Please access and review the online help resources referred to in the documentation accompanying this hardware product before requesting warranty service. If the product is still not functioning properly after making use of these resources, please contact the Apple representatives or, if applicable, an Apple Authorized Service Provider located using the information provided in the documentation. An Apple representative or Apple Authorized Service Provider will help determine whether your product requires service and, if it does, will inform you how Apple will provide it. Apple or its Apple Authorized Service Providers will provide warranty service on products that are tendered or presented for service during the Warranty Period, as permitted by law. If the product is portable, meaning that it can operate independently without a power cord, you may obtain warranty service worldwide. However, service will be limited to the options available in the country where service is requested. If the product is not portable, warranty service may be restricted to the country where the product is purchased. Service options, parts availability and response times will vary according to country. You may be responsible for shipping and handling charges if the product cannot be serviced in the country it is in. In accordance with applicable law, Apple may require that you furnish proof of purchase details and/or comply with registration requirements before receiving warranty service. Please refer to the accompanying documentation for more details on this and other matters on obtaining warranty service.”
http://www.apple.com/legal/warranty/hardware.html

Regards,

 MBP-15"/2.16/2GB RAM/7200/W8612... Mac OS X (10.4.8) G4 Tower (OS 9/10), Dell 620 WorkStation (XP Pro), Gateway P4 (XP Home)

Hi, we had this problem one time with a G5 2X2, it had been repair three times, they don't resolve the problem, because the line at Apple changed, they gave me the new one with the same options than the faulty older one, a 2X2,3. And this G5 had been buy at a Apple professional reseller, not on the store.

Best regards, Jerome.

I do recall reading it somewhere, outside of these or any other discussions, although for the life of me I can't completely remember where. Yes there is a policy although as you mention, it's at their descretion.

Having had a computer replaced myself by Apple I can tell you that much of it comes down to how you interact with Apple that will get you a new one or not.