I just bought some new '11 ProV1s but I haven't had a chace to play them yet. Having said that, I also bought some used/refurbished Pro V1s. I  have not had a chance to play them either b/c of the weather. However, I have been practicing on the practice green with the used ones and they seem to do what they're suppose to. But that I mean, they check real nice on the green and seem to put well too. I have not had a chance to hit them off the tee yet but so far, no complaints.

As the saying goes, "You pays your money and you takes your chances."

The real issue is consistency. The balls may come from a variety of palces, like being under water for hours or days or weeks. They will look excellent to the eye in terms of color, brightness and lack of scuff marks. However, one ball may be perfect and the next may be water logged.

If your interest is practice or playing a casual round, these balls are probably fine. If your interest is serious or competitive golf, you will be disappointed in some of the balls.

If you get the previous model you probably won't notice any loss of performance. The model before that you will probably notice some loss in distance. Models before that you will definitely notice loss in performance.

Now the bad thing, when they go out and find balls that are stamped ProV1, are they real ProV1's or are they bought off ebay which were most likely bought from one of the china sites that sell all makes of  fake clubs and balls?

Refinished/ refurbished balls are garbage.  Most times they're repainted and restamped.  They're usually water balls or lost balls.  you have no idea if they've been sitting in a lake or under feet of snow.  You would be better off buying previous models if you're trying to save money.

L. Maye   How can a 3-piece golf ball with a  solid core become water logged ? I have played the refurbished balls for a couple of years and have noticed only that they scuff a lot easier and sometimes one of them may fly a little lower.

I have a shag bag full of used balls and I will only hit them in practice sessions.  I have also found a few hundred in ponds and weeds that I sort out and give to people I know, like my local Jr High golf team.  You just have to figure out if it is worth playing if you find it in water or weeds, and if you want to actually buy refinished or used balls.  Good luck, hope you find something that works for ya.