Hah I just bought a Brand new reg, so i'll be able to answer these i think.
•Lifetime? 1 - 2 Years? What is actually covered? (e.g. free spare parts paid labor, all free ) Lifetime for manufacturing defects... normally if you are first owner only. eg you bring the defective reg back to the LDS (local dive shop) you bought it from. ...ebay or john from the kopi tiam is not an authorized dealer..nor are some dive shops actually.. it pays to check.
•Term of conditions of the said warranty? (e.g. only bought from local disty, yearly maintenance, etc) see above, but normally they won't freak if its a few months off from it service intervals lah.
•What are my options if I bought from overseas/locally but not from local distributor? Will local service center accept it (with fee charged) or they wont even entertain the reg? Most will grudgingly accept...often with no fee charged... there are some who will give you crap about it, most are pretty ok.. beware i have found that good deals on ebay are often red herrings and you end up spending much more than you bargained for especially for second stages and gauges... things that are quite easy to damage in hard use, transport and storage.
•Anything else to watch out in terms of warranty? some cover parts and labour in special deals ask. google, talk don't worry a regulator is an expensive purchase...make a friend of your regulator tech... seriously he/she makes sure you dive again every year .
hope this was useful.....
happy chinese new year gong hei fatt choy!
ps there are many seldom serviced regulators out there... ask any good tech to show you the really bad ones and you'll be horrified what some divers are putting into their mouths... seriously.