Yes, lifetime. Here are the deets from the press release:

The New Chrysler Lifetime Powertrain Warranty - the first from an OEM and the longest in the industry - is a statement of confidence in the reliability of Chrysler products
Warranty covers the cost of all parts and labor needed to repair covered powertrain components - engine, transmission and drive system
Provides worry-free ownership for new Chrysler, JeepĀ® and Dodge owners

Sounds pretty good. The catch? It only applies to the initial owner of the vehicle. According to initial reports, the lifetime offer does not apply to SRT products, diesels or police/commercial vehicles. You must have your vehicle inspected after five-years of ownership by an "authorized" Chrysler dealer. And check out this nugget, "The inspection must be made within 60 days of each 5-year anniversary of the warranty start date of the vehicle. " So, you void your lifetime warranty if you forget about leap year. Also, this warranty assumes that Chrysler will still be around over the course of the vehicle's lifetime, let alone five years. Neither one is a bet we're willing to push in all our chips at. [DaimlerChrysler]