I had my lunchbox for almost a year some time back. I was lucky as my LEDs didn't have an issue. I had mine dimmed when I heard about Andy having issues with his unit. That being said, I used mine in and out of pro studios back and forth. The only issue I had was the red flashing screen and that was addressed in the firmware back then.
Looking forward to my new Power Rack when it arrives shortly.
I think a 3 yr warranty is more than fair. A colleague of mine just got an AxeFX II and after 2.5 weeks, his power supply internally is dead. It happens with all gear.