Personally, I pulled the trigger on the iPad Air2 64gb refurb. My needs are fairly lightweight - Videos, lots of streaming, social, reading, and casual games. I needed the extra space for my games, and 32gb just wasn't going to cut it. My current iPad 3 is full.
I also did math on cost of ownership per year, making some pretty big assumptions - that both iPads would have an active life of 5 years (or 3 years if you're the refurb). I know that's a HUGE assumption, but somehow, I've made my iPad 3 last 4 years. I'm hoping for the same or better out of the Air2.
Basically, the 128gb 9.7pro was $150/year (five years), and the Air2 was $140/year (three years). So... on an annual cost, I would say the 9.7 is in the same ballpark and quite possibly the better deal given it is newer tech.
What I think turned the tables for me, though, is that I also think think that the 9.7pro is over priced right now. I'm hoping we'll see a return to lower prices over the next couple refreshes. Having a lower cost up-front with the Refurb right now sets me up for a quicker upgrade when future models conceivably offer a better storage/price/features deal.