It appears it is the retailer providing the warranty, not the manufacturer.
As a customer who keeps things a long time, I like lifetime warranties.
I have a Jeep Patriot that I purchased in 2009 with a lifetime warranty (not just powertrain as I bought the Chrysler extended warranty which was also lifetime. The question at that time was "who's lifetime?" as Chrysler's future wasn't certain)
I think the mistake we make as customers is to automatically equate a lifetime warranty with high quality. That's what marketing wants us to think.
Lifetime warranties are a way to make your product 'stand out' in a crowded marketplace. The cost to provide that warranty can be statistically derived.
I like my Jeep but I am under no illusion that it is any better quality than vehicles that have a typical warranty.
The quality of this Cabela's branded detector is no different than other ETPs which have a 5 year warranty.
And as far as I know ETP quality, like the majority of modern detectors, is very good.
At the same time, lifetime warranties from a reputable company are valuable to the customer.
One big plus for Tesoro is that they have been providing this warranty for what, 35+ years ... and with excellent customer service too. There are only a few companies in any field that have demonstrated that kind of long term commitment to the customer.