I don't know about Dell's refubishment program, but I have a refurbished Gateway, and the way they explained it to me, was that any computer returned under the 30 day satisfaction guarantee, was totally disassembled, each component tested, and reassembled.
I've had this Gateway since April 2001, and when I received it, I couldn't tell it apart from a new product. The only refurbished part was the CPU, the monitor was new. The only problem I've had was with the "NEW" monitor. But with the refurbished CPA, no problems whatsoever.
I imagine Dell does things similarily. I wouldn't be afraid of a factory refurbished computer.
Mark
