If you want a cheap Xbox 360, I have a deal for you: Gamestop is selling Microsoft's console for $100 for a 20GB model. Like most things that are too good to be true, there's a catch: These are refurbished 360s, meaning they were once sent back to the company and repaired, so you might be getting a lemon.
If you want to be really fancy, you can pick up a refurbed bundles. One comes with Fable 3, and a "pre-owned controller" for $159.99, and the second one comes with Halo: Reach, Fable 3 and a controller for $199.99.
I've never purchased a refurbed anything (unless you count used cars), but maybe some of you have? What kind of experiences have you had with refurbished electronics? Tell us in the comment section!