I've had very good experiences going the refurbished and pre-owned equipment route. I'd go so far as to say I couldn't have afforded more than half the equipment I'm using if I didn't buy used or refurbished.
One of the better sites I've used is uBid. My existing receiver being used as a pre-pro (Yamaha RX-V2500), receiver in a secondary setup (Denon AVR-886) and receiver in my bedroom setup (Yamaha RX-V659) all came from uBid as refurbs. All three looked pristine, brand new out of the box and have performed flawlessly.
The trade-off is I only got a 30 day warranty for the Yamahas and a 90 day warranty for the Denon. In my experience, though, if you're going to run into receiver issues, it's likely to happen within the first month during moderate usage.
Here's a list of solid receivers that are currently available at uBid:
Yamaha RXV659 for $289
Yamaha RX-V661 for $385
Yamaha RX-V1600 for $399
Denon AVR1907 for $255
Denon AVR2106 for $301
Denon AVR-886 for $305
The 1600 is a step above most of these, but would be worth the extra cost. The 886 is identical to the 2106, it just happens to be silver in the event your aesthetics call for that as oppose to the rest which are black.
All of these are well equipped with decent expandability features, but if you need the latest and greatest such as HDMI 1.3 and HD decoders (Dolby True HD, DTS Master Audio, etc.), you may want to consider an Onkyo TX-SR705. If you don't feel you'd ever need or want the ability to add or supplement the internal amplifiers, you could step down to the 605. Onkyo's latest *05 models offer a great value with the available features for the cost. uBid has a 705 up at this point and I've seen a 605 available as well in the past few weeks.
Some other places to consider finding decent refurbs may be
Dakmart (Denon),
Onkyo's online site or
Accessories For Less for some of the Onkyo models mentioned. In fact, they have an Onkyo TX-SR703 for $349 that would be comparable to many of the Denons and Yamahas mentioned previously.
Lastly, you may want to take a look at AudiogoN for previously owned, I've had good success there as well.
Let me know if you have any questions on these suggestions... -TD