Welcome to the forums Curt!
Refurbished are exactly what they are..usually new that where returned for some problems..got refurbished and looked over by Pentax to make sure it got the TLC it needed to function properly.
These refurbished are actually better than new since they get the whole TLC (some sort of tune-up) which new cameras don't get.
Defective parts are replaced with new ones too..so it is actually better.
See refurbished as like buying a new camera, then finding some problems with it (within the warranty period), then sending it back to Pentax for repairs (without paying for anything) then getting it back like spankin' new..although with the refurbished one, you don't have to go to that whole procedure of sending your camera back for repairs!