The refurbs work just like the original items. Most refurbs are items that someone buys and tries and returns because they just don't like it or have second thoughts. Refurbs get a vigirous quality check before being sold again.
At least, I know this to be true for the Kindles and I am assuming this to be true for the Nooks. I would guess that the refurb Nook would come with the full warrenty.
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