Have you had your brakes done? I talked to the dealer here and he said that if you get your brakes done once, it's basically a wash. If you get them done twice, you're ahead of the game. I'm taking my chances right now, but will keep it in mind. You might ask your dealer to replace the brakes now under the current plan. If they do, I would skip the new plan.
On a side note, when I negotiated for my car, they quoted me $2295 for the extended maintenance. They asked an all-in price of $56k, including maintenance, so I offered $53,705 without the plan, thinking they would cut the price of the maint plan to sell it. They didn't and we went with the $53,705 number. This particular dealer seemed wedded to the $2295. Not sure about others.
The Geico plan is not a regular maintenance plan like BMW. I have that on my Audi and it's $250 per item repaired, which isn't bad considering the cost of some repairs and the low cost of the plan. I haven't used it yet (it just came off warranty), but the Audi dealer says they haven't had any problems with other customers.