Hammer,
It's part of the "Global Repair Coverage" clause:
AppleCare FAQ
The only caveat is:
Service will be limited to the options available in the country where service is requested. Service options, parts availability, and response time vary according to country.
However, in the US, Europe and Japan , you're pretty much sorted. If you're spending a lot of time in Africa or South America, it may be more tricky to get a problem sorted without sending the Mac away. If you get the AppleCare, there is unlimited telephone support, though for the three years. Depends what you need.
Applemacster