It actually depends where you buy it. If you buy direct from Canon Refurb, you're close to $2500+ with tax included, etc and a 3 month warranty (which you could extend via a Mack warranty, etc). If you can get Adorama to sell you a refurb at the Canon price, you can probably save sales tax AND get a 1 year warranty (Canon covers the first three months and Adorama covers the rest of it).
Also, Canon refurbs aren't necessarily returns of defective or demo units; they can be units that failed some QC check during the actual manufacturing process, and were deemed feasible to adjust to factory specifications (i.e., you could very well have a brand new camera that just took a minor adjustment to make it through the process of being built).
Canon refurbished units are usually very high quality. In the time I've been dealing with people on POTN, etc, I've only heard one bad story about a Canon refurb (and it was recently, from a member that didn't provide much information (pictures, which lens, etc, just that his 'refurb' lens had scratches on the front element)). The fact is, there's a failure rate in even things that are bought brand new, so there's always an inherent risk (take, for example, the WD 500gb passports I bought on shellshocker from Newegg not too long ago; the first one I opened didn't work out of the box / wouldn't be recognized by the PC. The second one was.)