Recertified means basically the same as refurbished, it was a broken model that has been fixed (and probably has a warranty). Ive had the 32w6 for around 5 months. There are random issues, such as the audio out jacks being extremely low volume & backlight bleeding, but for that price, its definately worth it. I've got my 360 through the VGA, PS3 through HDMI, Wii through component, all three systems look great. PS2 & XBX through component are somewhat jaggy, but if you're using your 360/PS3 to play the older games, you shouldnt have to worry about that.
I get HD cable through Fios and the picture is incredible for the HD channels. SD channels vary in quality depending on the channels, but most SD looks kinda crappy on this set (im guessing it doesnt have as good of an internal upscaler as most bigger brands do).
I paid $600 for mine, for $400 i'd buy another if i needed one. It'll hold you off until 1080p sets start coming down more and more. Ecost also has a recertified Westinghouse 37" 1080p set for $659. I personally hate buying tv's because like most other pieces of technology, as soon as you buy one, it drops in price and something better comes out. With my luck, as soon as i buy a 1080p TV, a 1440p set will be announced.