AC556's are fun MGs. The only two problem areas are mentioned above:
-- mags: Factory are fine but pricey, but I've had very good luck with PMI and FedOrd steel 30's and 40-rounders.
-- an easily overheated barrel, and when hot enough they can warp and destroy your accuracy. The SS-barrelled guns seem slightly more prone to warping.
As far as the Ruger guarantee and factory service goes....
The AC556's have been out of production for a long time. Replacement parts are no longer made, and Ruger's inventory is drying up. They are completely out of replacement folding stocks, most of the 13" barrels are gone, they are down to four or five replacement receivers, and many of the (non-Mini14-interchangable) small parts are out, too. Ruger will only fix them as long as they have parts remaining in stock.
And FWIW, Ruger does not like its guns to be modified. I know of several cases where they simply refused to work on modified guns, saying the warranty was voided. If they do honor it anyway and work on your gun, they will only return it in the original configuration, or as close as they can get. So a shortened barrel will be replaced with an 18" barrel, regardless of what it is wearing when you send it in.
Buying a demilled-post-'86 parts kit is a wise move.
Despite the factory-parts issue, an AC556 still has more support and way more available accessories than, say , an FNC or AR18.