I think most lifetime warranties are a little like this. Companies like to advertise the good points and leave out the fine print, the warranty is just another feature. It's a bit like how a rangefinder will be an 1800 say with some fine print mentioning this is the best it will do in ideal conditions.
Some examples I can think of where lifetime warranties have some cost or there's been problems getting it sorted:
Vortex Optics
High-end (Scott and Sage) fly rods ($180 and 6-12 months wait)
Pulsar thermals (long waits) don't know if it's lifetime but was warranty.
At the end of the day you do your research and decide what you want to buy, second hand goods always have more risk. Luckily it's relatively easy now to find out the general trend of how good the aftersales service and/or warranty of a particular company is, just ask Google.
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