if you can get a copy of the contract, it will explain what is covered and what isn't. if you get the tire and wheel warranty coverage, it covers road hazards that cause damage to your tires and/or wheel. if the tire has more than a specified amount of tread left, you get a new tire. subject of course to your deductible. some people have made out with this coverage, while others, not so much. i had the 5 year extended (2 yr + 5 additional) and i never once got to use it. there are also additional coverages that begin immediately, like towing, trip interruption with lodging and food, etc.
also, if you do any kind of modification that impacts factory warranty, it will also impact the esp. things like decatted head pipes, tuners, etc.
i know with the twin cam 110 engines, it was almost a given that you would need to get the esp. as that engine was problematic with lifters, etc. though by the same token, i never used the esp on my bike, and it had over 43,000 miles on it when it got totaled earlier this year. the se m8 engine is still an unknown variable at this point. if you ride 10k + miles per year, odds are in your favor that you will need the esp. even if you don't ride that much, you may still benefit from it.
you need to realistically look at your situation. are you going to keep this bike for the long haul, or trade in a couple years? keep it stock, or modify it? ride on weekends, or a daily driver? all of that will have an effect on your decision.