If you are going to baby it and not use it much, this is your choice. Otherwise, get a gym membership or pony up some extra to get a real treadmill.
The warranty is one of the worst you find on the market today. Parts and labor are covered for 90 days and the motor is covered for 5 years. We can't blame Gold's Gym for not offering more coverage on the 450. We wouldn't want to, either.