This boils down to what you’re going to be using the machine for.
I’ve read more than one poster who says that the most demanding app they run is World of Warcraft, and a few that just use it for surfing, word processing etc. If you think ‘hmm, this sounds like me’, I would seriously consider the refurb.
However, if you’re going to be your MBP for more demanding stuff (in terms of CPU), I would go for the newer model. Although the processor speed is slower, it has a faster FSB and can access slightly more RAM, which I would expect to give better performance – this was certainly Barefeat’s conculsion in its tests:
http://www.barefeats.com/rosa02.html
The 2.33GHz model is still a really capable machine, but personally – and this is just a personal point of view – I would spend the extra £150.
Additionally, the newer machines have superior battery life – not everyone needs that, but most would agree it’s a pretty good thing.
I wonder if there will actually be a lot of them to be had with all the chatter on here about people returning numerous machines to get a good one. Of course the refurbs should have their ills corrected before being sold once again...
In terms of sites like Macintouch and Macfixit, there hasn't been a tremendous amount of coverage of the various issues people have complained about with these latest MBPs, which leads me to think that affected units aren't quite as common as people are suggesting.
As you say though, refurb units are tested to first - and not all were going to need repair - so I would say it's pretty safe to get one. In the UK at the moment, it's still the older machines that they're flogging off.
Care. 
