Eh, that's pretty much the price that's on the refurb page, isn't it? And that's not including the fact that some of the savings is in the form of a gift card for the store. Or having to stand in line in the cold, dark morning with a whole bunch of strangers.
If you decide that you have to have the iP3 now, and know you're going to get some accessories or other gear with it, it may be worth it. Otherwise, it may be better to go to the apple refurb site in the warmth and comfort of your own house and pajamas instead.