Honestly, I think you'd have to answer this yourself...based on what you know of your friends.
I've known people who would turn their noses up at refurbished - either because they didn't want "second-hand" or they saw it as being cheap. Those people would be insulted.
On the other hand, I think MOST people would be thrilled to get such a great gift...and if they even noticed it was refurbished, they might just be grateful you didn't pay more than they thought you should on them.
My brother loves to hit all the Black Friday sales...and he's always saying at Christmas: "Really, I got a GREAT deal on it!" I don't want my relatives going broke buying me gifts. So I think it's great when they can get something extra nice for a good price.
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