I was in the same boat don't go cheap or you'll be sorry. I'll tell you the same thing my buddy did "You'll get the money somehow just hang in there a bit". I just got my PS3 yesterday it just too a while.
It really depends on who refurbished the system. Say if it's refurbished by Sony it may even come with the exact same warranty as a new one. But if it's a refurbished system from some other sources then it's a huge gamble. I have had some products that were refurbished by the manufacturer and never had a problem.
I know some people that bought products that refurbished products from other sources and they were nothing more than a nightmare most of the time.
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