From the experimenting I've done with that API, it looks like when you first exit an app it will refresh once every x minutes (about 15 is standard, but you can specify shorter) for about an hour or so. Once that hour hits, if you haven't opened the app since then, it stops refreshing in the background. It's some sort of priority queue. If you don't open it once an hour or so, the OS assumes you don't need to waste the cycles to keep updating in the background.
To test this I wrote a simple app that configures background refresh, and every time it refreshes it displayed a local notification and incremented the icon badge. The behavior I described above was fairly consistent. So it was pretty useless for the type of app I was going to use it for.