No offense taken, and I agree that expectations are too high with warranties. But I'd like to point you that you yourself then you say that all you expect wear out is the o-ring.
So which one is it? Do you expect Renzetti to replace wear and tear or not? Let's say the screw on the vise head snapped in half while tying a trout fly. Is that entropy or manufacturer defect? Or the jaws chipped? Or the shaft seized? These are all problems folks have reported with the Traveler, some of which I've experienced myself. These are not lost parts, this is wear and tear.
You're right, expectations are high, unrealistically so. But the Renzetti is designed, the Traveller anyway, such that parts will fail. There's a reason why spare parts for Renzetti's are so readily available. I've tied on a Traveller for the last 8 years and it is still one of favorite vises, but it is also the last Renzetti I'm going to buy.