Is it worth getting a refurbished Xbox 360?

I am not sure how refurbishing works. But I know its better then getting it plain old used. I am trying to get one of the new black slim ones which are around 200$ with a internal 4GB hard-drive, which isn’t even close to what I want, so I want to buy a 120GB hard-drive plus games and accessories, if I got a refurbished one I’d save around $50-$80. But I would like to know about people’s opinion regarding this. Is it worth getting a refurbished Xbox 360? Please advice but don’t suggest me to buy PS3. Thanks.

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