[at-l] Digital camera - "refurbished"

[Point North]

What is a "factory refurbished" camera, and are they generally reliable?  Is a refurbished camera one that was returned, and if so how extensive is the refurbishing?

I'm looking at a Casio Exilim EX-S500, which is very compact and gets a high rating on PC Magazine (four out of five points).  

http://www.pcmag.com/article2/0,1759,1830965,00.asp

It's available from $186 refurbished, as opposed to $317 new.  It comes with a warranty.  Would you buy?
 
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