If you are ordering it from Apple it has the same warranty as buying it new. We didn't get our IPad from them but have bought 2 IPod touch and have been very happy with the products and saving!!
We just bought a refurbished ipad from Apple and were amazed at the quality!! I would have had no idea it had ever been used. Apparently they replace almost everything including the case and screen...it was even in an original box and shrink wrapped!! I'm still not convinced it wasn't just an older ipad that never sold!! LOL Seriously though, it has the same warranty as a regular ipad and if there are any problems you can take it into any Apple store and they will repair or replace it just like one you would have purchased new. We looked everywhere and checked all the prices before settling on the refurb...now I will say we ended up paying $429 because all that was available was a 32g...but compaired to $499 for a 16g ipad 2 it was still worth it for us!!
Apple refurbs are considered new condition without the original packaging.
They are sometimes better than new because they are inspected for minor defects prior to release.