i only had 2 issues with a refurbished iPad
1) iPad 2 16GB wifi refurb - screen typed by itself
2) iPad 2 16GB wifi refurb - after about 4 months the adhesive holding down the bezel separated from the aluminum shell
both were replaced without issue. the 3rd iPad 2 16GB wifi refurb has been without issue for almost a year. my brother has it now, no problems.
i now have an iPad 3, 64GB LTE-Verizon refurb that i bought. flawless. the screen is perfect as well - no light bleeding, no pink/yellow tint, no dust under the screen.
to put it into perspective, i went through 2 iPad Minis (one had light bleed and the other had a machining defect where there was a large gap between the bezel and the aluminum rear shell. i also went through an iPad 4 which had such severe back light bleeding that you could actually see the individual LEDs on the left side when in portrait mode
the iPad 3 refurbs are the best value right now in my opinion. if you can get away with a 16GB, the $379 price tag is phenomenal for what you get. i have a lot of movies and video podcasts so i had to get a 64GB. i use my iPad a lot as a LTE hot spot so i needed the LTE model. it cost me $679. compared to what it was brand new, i saved $150. compared to the refurb prices before the iPad 4 came out, i saved $100. can't ask for something better than that