Apple is now selling refurbished iPhones, both the 8GB and 4GB models, at a $100 discount online. So you can now buy either a returned or fixed iPhone for a more consumer-friendly $499 (about 17 percent discount) for the former or $399 (around 20 percent off) for the latter.

Keep in mind, folks have returned iPhones for a number of reasons. There are those who simply didn't like the iPhone after trying out or found it didn't meet their needs, for example. Simple enough.

Then there are those who’ve discovered dead spots on their device's touch screens; had their iPhone's proximity sensor, which automatically shuts off the phone's touch screen when you place it near your face, flake out; or, like me, started to feel like their iPhone feel was literally burning a hole in their pocket—possibly due to an overheating battery; etc.

(To be fair, the tech at the Apple Store’s Genius Bar I went to said they hadn't run into my particular problem yet - as of mid July - when I exchanged my hot 8GB model for a new one, which has stayed pretty cool by the way.)

Thankfully, Apple certifies each refurbished unit. Nonetheless, I would definitely consider purchasing the AppleCare Protection Plan for iPhone, which extends warranty coverage to two years, should you decide to pick up a refurbished unit.