They still have iPhone 5's in stock lol
Most of those are still being sold at Apple stores for $100 discount (I just went this Sunday). Like someone mentioned, Apple will have refurbs and returns and fixed devices for warranty, but you might get a new iPhone 5.
My home button on the iPad 3 stopped working literally 10 days before the 1 year mark, I quickly went to the Apple store who confirmed the defect, I got a new iPad 3 since they didn't have any refurbs.