From 9to5Toys.com:

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Apple is now offering the refurbished 5th Generation iPod Touch for $249 (32GB) and $349 (64GB) in a variety of colors. The 17%/$50 discounts are the lowest we’ve seen (new ones at Best Buy and other retailers have hit as low as $270).

Apple refurbished products come with one year of AppleCare just like new products.

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