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There is a whole thread on CPO units under the iPhone/iPad subsection (where your thread should have been posted!) but in short, it has a new battery, new screen, new casing, new everything...comes packaged like a new one, with new headphones/charger/cable, etc. and it has undergone a very strict and proper refurbishing process.
So definitely worth the money, it has a 1 year warranty just like the new ones too.