I have used this program a few times now (Documented it here: https://annoying.technology/posts/abea6876cf4f2e13/ ) and they were always very friendly about it and exchanged them without any issues. I hope the new generation is more durable, as it really does feel like a giant waste of resources. The sad part is that they are really good when they work so I keep getting them.
I think there is a limit on how long after you bought the airpods they fall under this program. Which basically means I'm going to buy the new ones after these break. Doesn't feel like the right way of voting with my wallet :-) but I use them literally every day.