I just received my refurbished PRS-300 (actually it's for my wife, but I'm setting it up). It was a no-hassle set-up.
I plugged it into the USB port (will be buying a PSP charger soon though), it charged within about 45 minutes (USB connected screen came up). Plugged it into Calibre, uploaded some books from MR and we're away. All up it took me 1.5 hours to set it up, ready to read!
She is very, very happy!
BTW: Regarding the Daily Reader light cover I bought - I did not realise the cover is back-less

, it it just the front bit with the battery/light compartment which clips into the side of the device. I have ordered the original cover together with some Boogie Board writing pads for my kids