Refurbished Isn't Bad, Mmmkay?
Refurbished equipment is a great way to save money and quite often comes with as good of a warranty as a new piece of equipment will. Another plus that a refurb offers is that it's been through, at the very least, a second battery of QA than a new stock item will, even further reducing the possibility of issues.
This, of course, is dependent on whomever is doing the refurbishing (typically they're mfgr refurbished), the product and the seller's reputation. Having said that, over almost he past 7 years, I've purchased 4 receivers from eCost, only one I had to return which they quickly refunded me for, the other three were new visibly and functionally. From uBid, I've purchased a few sets of speakers as well as a DVD player, all in new condition and just recently, purchased a Yamaha RX-V2500 that looks brand new and has been spectacular the past two months. I've also purchased from Harman Audio a few speakers, an amplifier and receiver, all in "new" condition with no issues to speak of. Lastly, I've purchased a few sets of speakers from Cambridge Soundwork's eBay store, all of these in "new" condition as well.
I've saved hundreds of dollars buying refurbished or even used products and rarely, if ever, been unsatisfied with my purchases. There obviously comes a small amount of risk going this route, but I feel (and my experiences to this point tell me) the risks are worth the rewards... -TD