I never really had luck with the refurbished things so I would personally shell out the cash for a new unit.
It really depends on your preferences though.. if the extra cash saved is worth the risk, go for it. Make sure it comes with some sort of warranty though and the person/company you're buying from is somewhat reputable. If anything, just spend some extra cash and invest in a warranty from a third party as well.
Hopefully you're saving a good chunk of cash for you to even consider a refurbished unit. If you were asking about a refurbished 360 though, the obvious answer would be a flat out NO. :lol: