After owning a bunch of cameras, I get it on them all the time. I'm not a fan of service plans in general, but if you use the camera a lot, it becomes great. I had my XTi for almost 3 years before I dropped it and cracked the housing, I had to replace it with an XSi. I had that XSi for about 3 months with the service plan and dropped it again, it was replaced for free, so I got my moneys worth a few times over.
Now I am shooting on much more expensive equipment, I have insurance on everything. I don't plan on upgrading the camera anytime soon because the body alone was almost $3k.
That said, I would say the value of the insurance is proportionate to use. Cameras don't evolve tech wise that much. That camera will be good for years and years unless you find yourself needing more pixels. The more you use it, the more you will want insurance. Also, I highly suggest getting the battery grip and hand strap for it. That was the life saver for me, plus the two batteries make it last a while.