There have been lots of posts on this, but I figured I would give a synopsis of my experience. I'll preface this with the fact that I worked on both Saabs and Volvos professionally for about 10 years (1992-2002) at both dealerships and an independent. In those 10 years the only time I checked my oil level was when I was draining it for an oil change. That is how confident I was in the lower ends of the engines in those cars.
I bought a used 2012 S60 T5 with 27,000 miles on the odometer in November of 2015. It was purchased from a reputable Volvo dealer here in CT. Everything looked good on the car, it checked all of the important boxes, and the price was right. I had no prior knowledge of this oil consumption issue. About 12 months in (and after my first oil change) I took a hard right turn and noticed the oil level light flickered for a moment. I pulled over only to find no oil on the dipstick. I knew it holds 6 quarts and had oil pressure so I drove it home. I proceeded to add one quart at a time until I registered on the dipstick. 3 quarts in total. Called the dealer from whom I purchased it from. They had me bring it in to do an oil change and start the process of monitoring it. This all occurred when I was 9 months past the factory warranty. I drove it 3000 miles and brought it back in to find it was down 2.5 quarts. The dealer topped me off and put me on the "list" of vehicles to come back in and have the issue corrected under warranty. The engine now required synthetic oil.
A couple of months later I got the call and brought my car in. They had it for a couple of weeks and in the end replaced the piston rings (guidance from VCNA) and returned it to me with no cost. It was 100% goodwill. Fast forward 4 months and I was down 2 quarts of oil. I visited the dealer again and they found it was short 2 quarts of oil. They topped it off, I went back on "the list" and was told to keep an eye on the oil level. About a month later I was instructed to bring it back in. They had it this time for 4 days. In the end, the engine was replaced with a new (I assume its a remanufactured unit) engine assembly. Basically block, head, timing components. All other components (manifolds, turbo, alternator, etc) from the existing engine were fitted to this new on. I picked it up yesterday at no cost to me. Again 100% goodwill. I have to honestly say the car is night and day. The engine runs like a top and seems to also have corrected lots of the transmission jerkiness which I attributed to the nature of the 6 speed in these cars.
In the end, I have to say this is a very positive customer experience. At no point did I have to express concern or get forceful for either the dealer or VCNA to do the right thing. Now my fingers are crossed I don't burn any more oil. I really like the car and want to continue driving it.
As a sidenote, the S90 they gave me as a loaner this last time is really a nice car. So nice that I was looking at lease offers for it.