I bought a factory "refurbished" Beretta 92FS once. The card from Beretta that came with that pistol said that it had either been previously fired or had cosmetic blemishes. It looked perfect, so I'd guess it had been fired.
The price was knocked down about 20% compared to a new one, but the usual 1 year Beretta warranty was knocked down to 90 days as well. I don't think that would be a problem with Taurus since they come with lifetime warranties.