I was always under they impressions that when you get a refurb, it's almost guaranteed that you won't get a "lemon" because they're machines that were returned to Apple, fixed, and put up for a discount. I'm planning on getting a refurb MBP one of these days.
Nope. That doesn't mean anything. Just that it's been returned, serviced, and hopefully doesn't have any problems.
Many people have had good experiences with refurbs. But, mine wasn't so great. It was an iMac G5 20-inch 2.0 GHz.
It arrived with a beat-up mouse (lots of marks and blemishes).
The front of the computer had a chip in it (about a quarter-inch in size). A chunk of plastic was actually missing. It was a pretty decent chip.
The computer's LCD screen had several heavy marks in it that required some effort to remove.
The cords were dirty like they been rubbed against something brown and paint or grease like.
The center ring on the foot (for the power cable to go through) was very dirty (required heavy scrubbing to remove the grime).
The mouse button stuck and wouldn't work frequently.
The Ethernet port didn't work when I turned it on for the first time. So, within the hour it was in the shop and a new logic-board was on order.
They got it back to me the following week with a replacement logic-board / main-board installed.
After a considerable amount of arguing, and being told that cosmetic damage (even if it was on the machine when it came out of the box) wasn't covered under warranty, the local service center finally ordered the replacement front bezel. About a month later that was installed for me. The only saving factor there was that it was in the shop right after coming out of the box, so the dealer knew I didn't have time to break it. But, it took a lot of arguing with Apple and the dealer to get it replaced. Their standard line was that cosmetic issues are not covered under warranty (even if it arrived with said cosmetic issue).
Then, I got the mouse replaced about two weeks after that.
Then, the LCD screen started developing dark spots and had lines going across it.
I got rid of it shortly after that.
In the end, I'd probably still buy a refurb again.
Why? Well... It saved me about $600 from the cost of the new machine at the time, and sadly that experience was better than my experience with a brand-new iMac G5 that I had purchased previously.
If the refurb saves you a reasonable amount of money, then I'd say go for it.