You don't get the "real" original Apple box (comes in a brown box).
Aside from that, it does have the warranty, but you are risking buying a machine that may have already had problems and the problems that may come with that.
Some users reportgetting a machine with better specs than specified. I wouldn't hesitate to buy a refurb.
I've been happy with all of my refurb purchases. I actually like the idea of buying an electronics product that's been through the factory twice, with the assumption that it gets more quality control attention the second time around.
And I don't even the think the brown box is definite. I think I've read comments here that some people who bought refurbs get the original/nice packaging. It seems like it's hit or miss.
I'm considering a refurb for my next purchase too. This topic comes up often, and I've rad a lot of positive comments...
I've been very happy with my Powerbook refurb. And like iGary said, some people receive higher spec machines than what they ordered. I ordered one with a 60 GB hard-drive, and got one with 80, and it was stated to ship with Panther, I got Tiger. There wasn't a mark on it and to this day it runs perfectly mint, aside from whatever I do to it. I would highly recommend it.
i bought a referb powermac and came in original box and software was in little package too just like new ones. i guess it just kinda depends sometimes.