Dealer's warranty suggests the product is a grey market product or OEM and hence has no manufacturer warranty cover. (In the case of digicams they are grey market).
The dealer's however provide a warranty of their own if something goes wrong for a period of one year and most of the times you just have to pay for spares, parts etc. but not the labor charges. However you will probably have to bear the shipping charges to and fro from the dealer.
Buying a product with no manufacturer warranty is a personal decision as you will save money compared to the market price but if something goes wrong within one year, you'll have to cough up extra money to get it fixed.