Who buys refurbished stuff? While it can be one way to save some cash (in this case, $100 off the price of an iPhone), it seems to me that you're taking a risk. Risk or not, Apple is now offering refurbished iPhones from its online store.

Deal-chasers rejoice. If $499 and $599 were a tad too steep for you to consider an iPhone, now you can get a 4-Gbyte iPhone for $399 and an 8-Gbyte iPhone for $499. Each model is $100 off the original full price, offers Apple's one-year warranty, and is eligible for the AppleCare Protection Plan.

Wah-hoo!

But what are you getting here? A returned item? An iPhone that wasn't loved in its first home? A repaired item? While refurbished may mean returned to factory specs, you always have to wonder.

I've heard both success and horror stories from friends who've purchased refurbished products to save a buck. My own experiences with refurbished stuff haven't been great. I had a fourth-generation iPod die on me after a few weeks of use (some weird software bug). The replacement I was given was a refurbished model and lasted just two years before the hard drive died completely. That seemed kind of short to me. My original second-generation iPod (now nearly 5 years old) is still going strong, though I did replace the original battery.

I'm sure some of you have read my posts about my iPhone's issues. What if I had returned my iPhone? Would it have been repaired and packaged up as a refurbished model? If so, would you have wanted it?

Either way you look at refurbished products, iPhone lovers who are on a budget have an opportunity to snag one for a more reasonable price.