IMHO, the protection plan is a waste of money for most people. First of all, it's costs $8 a month if you have ANY DVR &/or HD receivers on your account. Considering that you can get a brand new standard DVR for $99 everyday, you would have to have one die EVERY YEAR to get your money's worth out of it. (of which all likelyhood this will NOT happen, since as the poster above mentioned, D* hardward is pretty reliable)
HOWEVER, if I had an HD-Tivo, I might be inclined to consider it. But as far as the non-DVR HD receivers, again since they are down to around $250, not sure if it's worth the money.