The real question is: Is it an official Apple Certified Reconditioned Product, or just a third-party refurb? If it's an Apple Certified refurb, it will have the warranty and be eligible for Applecare just like a new product. In fact, you won't be able to tell the difference between it and a new unit. And chances are any flaws, quirks or bugs in it have been eliminated, making the likelihood that it's actually less likely to have problems than a "new" one, IMO.
So, having said that, I'd recommend spending an additional $122 and buying it direct from Apple.com.