I spoke to a guy at Best Buy, and after much explaining found out that the "Product Replacement Plan" does in fact cover the Toshiba replacement TV, and that the "repair count" (where you get to three repairs and Best Buy replaces the TV) doesn't get reset with the replacement.
He seemed to encourage me to just use the Best Buy replacement. I tried to explain that the replacement plan cost $400, and that I would like to keep my extended warranty aruond if at all possible (since I *did* pay for it).
In other news, my TV is getting worse. In HDMI (DVD) mode, it seems to be almost completely black and white... except it is red and white. It looks like "sepia" mode on my camera.
I didn't ask about my 34W "standby" mode yet...