You all know at least one that has not had a bellows failure... Me. Probably a couple of others on here too.
Previous owner had the swap done to V2 before I bought her with no damage to engine or outdrive (it's a 2005 FV 270). I had the V3 put in last summer (July 2009) and I'm at a year now with no issues. My bellows looked good in May when the boat was dropped. If my mech says to swap them at the end of the season b/c it's worn, I'll gladly pay it.
Believe me when I say I'm not defending the brand or the design but I knock wood every day that I have a great Volvo mech that runs my marina. Good folks who wear superhero capes are priceless (high five at Allan right here folks).
I hope that anyone who has had issues gets some satisfaction from Volvo but I don't see it happening. Hurting sales or not it's not just a Rinker issue and Volvo already knows the tub of

they are in. All they'll do is minimal effort at damage control.