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I don't have any experience with PenFed's extended warranty but another issue to watch for on the Ram 1500 is the Fuel Sensor. It will go out and then the entire fuel pump needs to replaced. Cost to repair = $900-$1,100 because the tank has to be dropped.
The real question regardless of one's stance on extended warrranties here, is how much is this warranty, what does it cover, what is the coverage length, how much is the deductible, and what is the maximum coverage it will provide?
These are the real question's to ask in this situation in order to make an educated decision, if said warranty was $1,000, cover's powertrain only for 5 yr's or 60k miles, has a $0 deductible, and a max coverage limit of $10k, it would be a no-brainer to me. Obviously that is just an example, and probably an example that isn't even possible, but it's relevant in showing that if there is enough value in the warranty versus the cost, then yes it is worth purchasing.
Can you find out from Penfed, these detail's so we can try to help guide you to making the best decision?