Now I know you must work for Verizon. Replacements are a horrible ordeal. They use assurian, which is the biggest con! Like, for instance, if your phone dies and you put your sim in an old device until you can get it replaced...they will see a different phone on your account and deny your claim.
That's not at all how it's worked for me. I've never bought their extended warranty/coverage so I can't speak to that. I have done factory warranty exchanges.
First one happened about 3 months after my first phone with them. I went in, they installed some app on my phone, had me take it out of the protective case, had me sign that I needed a new one, I took my old phone home, they shipped me a new one. I put the old one in the box and sent it back.
It's been basically that way on all three. The last exchange, my Note 5 in July had a little more of a snag. I first went into the store in June complaining about battery draining. They asked me to please shut down my apps more frequently, I told them I didn't think it would work but that I would do that. I went back in a few weeks later, same deal, again they installed an app on my phone, had me take it out of the case, then sent me home and mailed the new one. The new one arrived and within a couple days I noticed the speaker phone was broken, I went back to the store, they did the same thing, checked for damage (didn't install an app this time) made a couple calls on it and agreed something was clearly wrong with the speaker phone. They sent me home, mailed me a new one...I boxed up the old one, sent it back. Been using this refurb for a few months now.
The process for me has always been excellent so I'm willing to stick with them until I have a bad experience. It's been nothing like my experiences with AT&T and Sprint, never tried T Mobile.