Really? I purchased a refurbed AVR from an authorized Denon refurbed retailer. That was the last of their inventory for that model. The unit started intermittently power cycling after a week.
Went through all of the trouble-shooting steps. Denon then shipped me a replacement unit - same model number (cross-shipped after I escalated since normally they must receive the defective unit first). From first power-up, the replacement refurbished unit's center channel didn't work. Denon was then closed for holidays.
When they reopened, Denon shipped the third refurbished unit which was a more up-to-date unit. That refurbished AVR has worked fine.
So, sure if you don't mind a little extra time and hassle, you shouldn't be too concerned. 1 out of 3 worked.
The quality of the refurb all depends upon the quality of the vendor that receives the refurbished units and "restores" them to as-new. That is likely not the manufacturer but instead a vendor hired to refurb the units in a set amount of time. Refurbished units are a gamble. Of course, if there wasn't anything wrong with the unit to begin with, then a refurbished unit would be great.