That's certainly one easy way to handle it.The Moen faucet I bought for my kitchen sink has a lifetime guarantee. I just call Moen and they mail me a replacement.
OTH, if you bought a house that already had Moen faucet and didn't know it had a lifetime warranty and didn't have a receipt, it would be a nice surprise that the hardware store just handed you a new, replacement, Moen faucet. I would guess that most people with that experience would become fairly loyal customers of that hardware store.