Having worked for LLB in the past at their flagship store in Freeport, I think I can shed a little light on this topic. LLB does, in fact, offer a 100% satisfaction guarantee with every item they sell (guns and ammo are the only items not included on this I believe- for obvious reasons). This meaning, any item purchased from LLB that fails to meet up to your expectations can be returned at any time. Yes- including a pair of waders x-years down the road. We all know that this warranty gets abused day in and day out, but this model has worked for them over the years. When I worked on the sales floor, I can remember a fellow talking about bringing back a t-shirt after a number of years for his cash back. If your conscience allows you to do that, LLB will accept the item back.
With that said, I've done a pile of business with them over the years and have no problem returning an item if it doesn't last as long as it should...or if waders leak prematurely...or if a tent pole snaps on the 3rd time using it...you get the idea. Part of this serves a greater purpose for LLB- allowing them to track success of different items over time and helps make purchasing decisions for the future.
I don't always buy from LLB, but many times I do. In most cases, I feel that the extra dough is well spent for the satisfaction guarantee. While admittedly, I'm not as familiar with Cabelas return policy, I'm quite certain that it's very different than LLB's when it comes to stipulations on a return.
Hope this helps!