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Harry,
You can't return it if it's engraved. You also can't sell it unless you have a cool quote engraved on it and someone likes it or you become a huge author that fans would want anything you owned. I knew I'd keep it even if it became obsolete that's why I had the engraving done.
Speaking of iPod, my son's engraved iPod broke minutes after he received it. Apple took 3 MONTHS, not weeks but months to fix it. He really never got to use it until it came back. How's that for a Christmas present? That's the hazards of getting something engraved, though it does look pretty nice. Needless to say his second iPod wasn't engraved.
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