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Firstly I would say that it’s a nice marketing strategy, beyond that it sometimes doesn’t mean a lot. There are a lot of factors that can lead to your warranty not living up to “lifetime”.
Let’s just suppose that you can take every manufacturer’s word for giving you a lifetime warranty. What happens when the business ceases operations? If you guessed that getting warranty service would be impossible, you’re probably right.
What happens when a business ceases operations in your jurisdiction but carries on elsewhere in the country. Well distance does have it’s advantages but they solely are not yours. Some businesses will simply avoid you at every turn.
Have you ever called to complain about something maybe to a business or a public entity only to be put on hold and then have to repeat the story again, only to be told that you have the wrong department and they will have to transfer your call and then the phone clicks and the familiar tone of an open line greets you as you are no longer talking to anyone.
You’ve registered this product on their website or by mail with a warranty card and all. Do you still have all the documentation I mean not only the sales contract, product description, where it was sold, what colour the salesperson hair was and if they were male or female, but also the weather conditions of the day. Long and short you might meet up with some resistance or the classic (huh).
Best case scenario choose a product that has a good track record and is well established in the market place, then maybe you will have a 50/50 chance of getting service warranty and being able to actually get parts.