LOL geeeeeesus you people around here need the drama!
OP you hardly got ripped off. You got a good buy on a good warranty that most would say "if you have the money buy". Especially on a firs rev, well of sorts.
Whether the guy was telling you what he thought was the truth or not will probably never be known at this point. I've been told so many things from so many different "geniuses" over the years and each one with his/her own new story... it's hard to tell where these "clowns" get trained or informed or if they even do.
I truly believe that half the time they actually do think they are telling you what they know to be the honest to goodness truth, even if it in fact is not. Chances are this guy is another genius moron who really doesn't know wtf he's talking about.
Rarely right but never in doubt is pre-req # 1 for Apple store customer service reps!
It's not like he talked you into the last rev MBA for today's highest end price. You bought Applecare...it brings a good piece of mind on a really nice new piece of tech. I say kick back, crack a cold one and enjoy your new beautiful little beast! Cheers.