My experience, which is limited, with recent modern Lionel has been positive so far, even with one locomotive I had problems with.
My first LC+ engine, a Jersey Central Pacific steamer that I love (it's my Blue Comet), that I bought last year, stopped chuffing shortly after I bought it. It was well within the warranty period. Lionel was great about fixing it promptly and paying for all shipping so the repair did not cost me a penny.
A couple of months later, the same engine developed another problem. At the moment, I can't remember what it was. Again, it was well within the warranty period and Lionel made the repair quickly and totally free of charge.
I subsequently bought 2 more LC+ locomotives from my LHS. No problems whatsoever with them.
I view the 1 year warranty period as an opportunity to get the kinks out of what I purchase, free of charge.
My sense about new Lionel, and I may be wrong, is that a lot more can go wrong with Vision Line than LC+, that for the most part Lionel is good about repairs within the 1 year warranty period, and it is important to meticulously follow the directions when running new Lionel. I have a very good LHS, Tom's Trains in Ardsley, NY, and I talk to Tom, the owner, about his experience with these engines, follow his advice, and I read every word of the instructions, and follow them to the letter. One more thing: the advice offered on this Forum is very helpful to me.
IMO, LC+ is a ground breaking product and cutting edge technologically. I think it will keep Lionel alive and well for a long time. It's also affordable, very user friendly, and fun to operate, IMO.
Now for something inspirational. Imagine if new Lionel came with a Lifetime warranty. IMO, that is something Joshua Lionel Cowan would consider doing.
Lionel, are you listening? Arnold