I had to exchange my first unit due to GPS failure. I was impressed to see that all your stuff either transfers over, or is recovered from the Google system. The only thing that doesn't transfer is your home screen arrangement, apps, and widgets. You will have to rebuild your Home pages. But, all the apps and stuff will be in there.
Well, that part I don't know. They do a contacts transfer, but frankly I don't think it's necessary since all that is backed up on the Google Server. Your Apps, from what I have been told here, do not physically transfer, but the information about which Apps are installed is backed up on Google. So, when the new phone is activated, this info is downloaded, and your unit then downloads the specific Apps and re-installs them.
I exchanged in my Local VZW store, so they had no choice but to give me a New unit. Actually, I would bet that there are no refurbs out available yet.