Where are you buying from and how good is the store's customer service? I bought my MacBook refurbished from Fry's almost 3 years ago and never had a problem with it. Apple gave me the option to purchase their standard warranty even though that MacBook was previously purchased and registered with them. Knowing that I was able to get the Mac with the proper warranty if ever I needed it. Also, the condition of the laptop was great and Fry's even told me I would have the option to return if something happened within 14 days. That was reassurance enough for me that I wasn't going to get stuck with something useless.
It is a good idea to get the console refurbished, assuming it is in a good condition, the store you would buy it from would provide you with some kind of support or assistance and so will the manufacturer. If you aren't sure whether the store or manufacturer would be willing to be helpful if something broke or stopped working, then it's a more risky decision to make.