well, the $185 is part of the cost of your quest to get a White PS4.
if you don't get an extended warranty, 1st, you should be covered by the retailer's return period. which can be 15-30 days ( or more ) depending on the retailer ( and your status/membership level there ).
Then, you should be covered by the manufacturer's warranty period, which is usually a year. In that case, if it breaks, you'll have to send it to Sony for them to repair/replace.
The extended warranty just gives you an extra layer of protection, and you usually let the store handle the repair/sending off/replacement. For consoles, the extended warranty is usually 2 years, I think. And often, when it is about to expire, they may send you a notice and ask if you want to extend it for another year or 2 ( don't know if they do that with consoles ).
If it bricks during the warranty period, you should be covered and should be able to get it repaired or replaced.
If it bricks outside the warranty period, then you'll have to buy another console ( or pay to have it sent off and repaired, I guess ).
Now, you'll get conflicting opinions on whether extended warranties are worth it. Some say yes, others say no.
I can just tell you, from my own experience with electronics, and shopping at Best Buy, having an extended warranty has come in handy several times. saving me not only on the cost of repairs, but also letting me get the item replaced if they can't fix it. However, I've never had an issue with a console I've bought from Best Buy, so I've never had to use the benefits of the extended warranty I bought on the console.
I believe the X1 extended warranty at Best Buy costs about $90, so I'd imagine the PS4 would be similar.
so, the question then becomes, do you want to spend an extra $90 for that "extra layer of protection" which you may or not have to use. Or, do you take your chance with the standard 1 year manufacturer's warranty and hope the console doesn't brick once it is outside that warranty period.
for example, say you opt to spend $90 for a 2 year extended warranty, then when it expires, they give you the option to extend it for another 2 years for another $90 ( the extension is usually cheaper ). so, over the course of those 4 years, you'd have spent an extra $180 to "insure" your console. vs the standard 1 year manufacturer's warranty.