Hi cjg: Only one of my cameras was purchased as a refurb; but my experience was very good.I purchased the camera directly from Olympus on their auction site, and saved considerable money over the prices quoted at other camera stores. The camera looked and performed like new; in fact it had the latest firmware installed, and I could find no evidence that it had ever been used.
That said, Itrusted buying directly from Olympus. Some of the refurbed cameras offered by camera stores arerefurbed by independent repair shops and not the actual maker.
http://stores.ebay.com/Olympus-Auctions