Extended new car warranty for $1495 (3years). Is it worth it?

Hi AU forum members,

I have recently purchased an AU Falcon Futura LPG wagon Mark III. It still has new car warranty until August 2005. I am considering extending the warranty with an "extended Ford new vehicle warranty". This will cover the car for the next three years or 160,000kms. I have rang one Ford dealership and they quoted a price of $1495. Please note that being dedicated LPG, the warranty is more than petrol models.
Questions:
1) Does new car warranty cover almost everything?
2) What are some of the restrictions to an extended new car warranty?
3) Would buying an extended warranty restrict me to services at one dealership only?
4) Is it worth it, or will a "premium warranty" be okay?

The car has 67,000km and I will only be driving around 15,000km per year.

p.s. I am only new to owning a relatively new car, excuse my lack of knowledge. :