I too was watching the BB open box iPhones when they didn't have any available. Ended up biting on a 64gb white AT&T which is the only AT&T they had at the time. I like the white, so the color was fine. Best Buy even sweetened the deal and gave me the phone at the 16gb price plus 10% off for being open box. This brought the pre-trade & coupon total to 179.99. I then and an upgrade special coupon from reward zone for an additional $50 off, 129.99. Then I traded in my 32gb iPhone 4 which was in good condition for $150. With taxes on the phone, my total out the door came to $38 which also included two lighting usb cables I purchased separately. I am so happy with this purchase.
On a follow up, I did have some scratches on the shiny edge of the phone and a small scratch on the white glass on the back of the phone. The phone I purchased from Best Buy has since been exchanged for a perfect condition replacement from Apple due to some noted battery issues with the open box phone. The Apple genius assured me there wasn't any issue with the battery, but it was the iOS crash reports that caused the battery to drain and my replacement will most likely have the same issues until iOS 6.1 comes out addressing the crashes.
All in all, after nearly two months, I've had great experience with the iPhone 5 considering my out the door price was just $38.