There's a Ford dealership near me that does something similar, but not just on new cars.. They also do it on almost all the used cars they sell. They offer a lifetime powertrain warranty on any car they sell, as long as you bring the car to them at regular, prescribed, intervals, to have them do the oil changes and regular maintenance. As long as you own the car, the powertrain is covered.
They're pretty clear about it too:
"All internally lubricated parts of the Engine, Transmission, and Drive Axle are covered for as long as you own the vehicle.
If you reside within a 35 mile radius of a Jones Auto Center Service Facility you must have maintenance performed there. These facilities are currently located in Buckeye, Wickenburg, and Casa Grande. If you are located outside a 35 mile radius the maintenance must be performed at a licensed repair facility. Receipts must be available as proof of maintenance.*
This excludes diesel engines, commercial use vehicles, vehicles with 100,000 miles or more at time of delivery, and vehicles over 9 years old. Your vehicle must be maintained according to all manufacturer's specifications and maintenance schedules*."
Now, being the person I am, and enjoying doing the maintenance myself, along with the associated savings, this deal is not really worth it to me... BUT, I can see someone who doesn't do their own maintenance, and follows the manufacturer-specified maintenance intervals closely, doing quite well with this kind of deal.
The question I have is - How many people like this are out there, who would actually keep the car long enough for a lifetime warranty like this to be useful?
On the other side, if you're willing to stipulate to this kind of maintenance, I'd say you'd feel pretty safe buying the car.