After reading this thread I'm going to check once again with a bike shop near me that sells Giants, I could swear that around here warranty was two years for bearings and five years for the frame... No lifetime.
Giant's warranty is the best in the industry. Take it from someone that has extensive experience with breaking frames. I used to ride an aluminum frame that was too small for me and they helped me out all the time. The only problem is that sometimes it takes about 3-4 weeks to get the parts. All other brand names have limited warranty. I will always recommend Giant just based on the great warranty they have.
I don't have a warranty issue yet, but The ink on the receipt for my Reign X has faded so it is no longer legible and the shop I purchased it from went belly up. Am I basically screwed if something happens?