Does anyone have experience with them? Are the price savings worth the risk of unreliabilty, inadequate repairs and/or less warranty protection?

Where do these tools come from? There seem to be a lot of them out there. Does this indicate the tools were so poor to begin with, that they ended up back at the manufacturer's repair shop and were never claimed?

-Typically they're warranty returns that have had major parts replaced, or trade ins. Around here, DeWalt, Black and Decker, and Milwaulkee
(and I think Makita) have factory stores selling reconditioned tools. They're snapped up as fast as the stores can get them. I've purchased some black and Decker stuff (a heat gun, and some sanders) and a DeWalt drill and have had no problems.

-Don't have a lot of experience with reconditioned woodworking tools, but have had some with other equipment that is sold as reconditioned. I generaly find that reconditioned tools are not a bad way to go. In most cases tools that are reconditioned have to be worth the effort to start with. I would imagine that no one would invest the time, resources, and effort to recondition a (for instance) table top table saw that only sold for $149 to start with. The effort would drive the cost of the recoditioned tool well above the cost of a new unit.

Of course there are variables here, such as, who and where the tool was reconditioned and the quality of the tool when it was new. Probably the best test would be what kind of guarente or warranty is give for the tool. I wouldn't touch a RECONDITIONED tool sold 'as is', but, one with a resonable return period is another story. In that case I would consider it, and, if I bought it I would work the hell out of it during the grace period to see if it was going to stand up.