Has anyone ever been quoted more than $500 to replace a failed logic board?

Has anyone ever been quoted more than $500 to replace a failed logic board? A Genius buddy of mine swears that it'll never be over $500 but I' convinced he's high out of his mind.

I doubt it. They don't even take the same kind of RAM.
What makes you think a replacement "will most likely go bad in the future"? Some have had to go back more than once; many haven't. (And many have not gone in at all.) There are many iBook users out there, happily iBooking away without any knowledge of the iBook Logic Board Repair Extension Program because they've never had a problem.
Get it replaced, free, NOW, and worry about the future when it gets here.
http://www.apple.com/support/ibook/faq/
P.S. When you make an error in a post, there is a little edit-pencil icon next to the "Reply" icon in your post. The edit pencil stays there for about 15 minutes to allow you to edit your post. Just click on it, and it takes you back to your message box so you can edit it to your heart's content.

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