I (usually) always say no to extended warranties on a new car, especially a Honda.
With Honda, their extend warranty includeds much more than just default equipment. I get a new car every 2 or so years, so since 2006, I have purchased 3 cars at the same dealership. Each time, they offer the warranty with something additional; GAP insurance, LoJack, or whatever else, and they usually start around $30/month on top of what you haggled with your salesman for the past 6 hours.
I purchased it for the first car, denied it for the second, and with the Insight, wanted it, but didn't want to pay the extra. I haggled down to $2/month because it is a Hybrid. This covers everything, all the way down to wiper blades. The finance guy pulled up my service records, and on the first car, the warranty covered $1400 worth of whatever in 2 years, that was for a Civic.
I say go for it if you can stand your ground, and get them to a super low price. The warranty I got was 10 year/100k mile. I know that you can cancel them anytime if there is a problem.