An expensive chain tool, a tail light, and a horn/light. Probably costing about $50, $5, and $20 to manufacture. I wish it were possible to name items replaced under warranty, no receipt on hand, no questions asked, that cost a small business as much to manufacture and market as a titanium bike frame costs Litespeed, but I can't think of any.

As I pointed out much earlier in this thread, Schwinn pioneered the lifetime frame warranty to promote their then-new electro-forged frames. Before long, if a company had any hope of competing in the U.S. bike market, they had to (reluctantly, no doubt) follow suit. Great for Schwinn (for a while), difficult for smaller companies whose business depends on selling high-end, lightweight bikes.

Finally, sure, I'd be annoyed if my 25-year-old Litespeed suffered what looks like an open-and-shut warranty-worthy failure, but I'd understand that my not having held on to the receipt would be on me.

From Lightspeed's point of view, the original purchaser paid for the warranty - that's one of the reasons you buy a new bike. The only way I can demonstrate that I was the original purchaser would be for me to produce the receipt. If I can't do that and go on to bad-mouth Litespeed on the internet (which the OP hasn't done, you'll notice), that's just part of the cost of doing business for Litespeed. They've stayed afloat for several decades, so the way they do business has been working for them.