How does the hardware warranty relate to licensing?
The hardware warranty is tied to the hardware unit, not the license. Hardware that has a lifetime warranty (e.g., the MR24) is warranted for the life of the hardware. Hardware with a fixed-term warranty, (e.g., 1 year), has a 1-year warranty, regardless of the license.
And remember that if the warranty response time isn’t inline with your requirements, e.g. you want a 4 hour advance replacement (not something you’d normally want on an access point), or if the warranty is only for a year and you want to extend it, then you can get MerakiNow which is very similar to SmartNet in that it provides hardware replacement.