New or refurbished iPhone 4s?

I want to get the iPhone 4s and the refurbished phones are $50 cheaper. I was just wondering what exactly refurbished means and if that will affect the quality of the phone. What would you do?

It generally means there was something wrong with it and the company fixed it and put it back on the market

I have always had great experiences buying refurbished Apple products. It is nearly impossible to tell the difference when you hold them in your hands. With refurbished ones, they replace the battery, the case if it is scratched, and any malfunctioning parts so it is pretty much new. So I would definitely go refurbished.