I have bought literally dozens of refurbs, these days mostly from Newegg, and not one single time has their been anything wrong with them. Your mileage will vary but that has been my experience throughout the years. I have bought both consumer electronics, a whole PC and many individual parts such as processors, motherboards, graphics cards and CDROMs/Burners.
If an item is refurbished the retailer is supposed to STATE that fact. However, I have seen instances of others getting refurbed merchandise when the product was listed as new. I cannot say this has personally happened to me but I've read about it on other forums several times. The chances are slim, though and they will typically let you know beforehand.
Personally, I plan on keeping Newegg busy in the refurb department for years to come
