If my ever failing memory serves me right, it seems way back when, as the rod warranties were extended and expanded, so did the prices charged for a top end rod.
The no questions asked, life time warranties never made sense to me, but then, neither did paying close to 4 figures for a mass produced rod.
It always seemed to me that you were probably paying for about a rod and a half. If you were lucky enough to have a warranty claim, you were ahead of the game. If not, you helped subsidize someone else's claim.
I remember when Gary LaFountaine came out with his line of rods, he said he wasn't going to offer a lifetime warranty, rather each rod came with two tips.
I guess in the end, it's nothing right or wrong, it's just business. I've literally worn out two Orvis one weight rods over the course of the past 12 or 15 years. Each time, the rod was replaced without any problem. The list price on each new rod I received seemed to be a couple hundred more than the one before. Truth be told, I liked the feel of the first rod better than the next two, but that's just me.