Obtained a kinda broke model 65. Sent it back to get fixed, they were baffled and embarrassed, saying it couldn't be fixed, and so offered to sell me the next closest similar model at a deeply discounted price (the 619), I went with the 620 instead (adj. sights, 7-shot L-frame), and they took care of everything ASAP.
Bought a 638, noticed what appeared to be a manufacturing defect along the cylinder; got ahold of them and they sent me a mailing label ASAP, and turned the gun around with a completely replaced cylinder in....maybe 14 days? Would've been sooner, but it was right after they reopened after the Christmas rush of '08.
Their warranty seems spot-on to me, and I have no complaints. If any of the above would otherwise be used as a bash of S&W's QC, it's not--I'm just lucky at finding the one firearm with problems, no matter what it happens to be :/