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My experience has been good with the refurb units. You can add an extended warranty with the money you save.
 
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Apparently with the watches they replace no parts. So they are probably store returns that go through a functionality test.

If there's nothing wrong, you probably don't want them replacing parts. The act of "repairing" something for the sake of refreshing parts is probably more likely to introduce a failure source than a lightly used factory assembled component.
 
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