I had a 1981 Trek 720 that had a lifetime warranty. In '96 the left seat stay failed at the seat-tube. My local dealer sent it back to Trek and they rebrazed it and painted it and I was back on my favorite ride. A decade later I had moved to Eugene, OR and the other seat stay suffered the same failure. (Luckily, I found it just as I was heading out on a ride through the coast hills where no one lives.) I took it to the local Trek dealer and they said they would deal with it. Every few months I would check back in with them and they would have some excuse for why nothing had happened, and said they needed my contact info again since they had misplaced it. I am very patient with local bike shops and allowed this to drag on for two years. Finally, my wife had had enough of it (we had matching bikes instead of wedding bands). She called the lbs and said she would deal with Trek herself. At this point the lbs said that the frame had been cut up and discarded. Hell, the only reason I was sending it back rather than having a local framebuilder repair it was to not void the warranty. They offered me $100 off a new frame. The 720 cost me more than $100 extra in '81 for the lifetime warranty relative to comparable frames. I wonder if they have noticed all the bikes they don't sell because I tell everyone I meet to steer clear of Paul's "Bicycle Way of Life" bike shops? Actually, prior to that experience I had already found that everything I purchased there seemed to be defective, from the expensive lighting set-up to the tires that last 500 miles. I should have known.
Well, I certainly hope your lifetime warranty experience is better than mine. Smooth roads and low traffic to you.