I'm guessing (yeup, 100% speculation here) refurbished are just cleaned up, checked for dings/scratches/rattles, and put through a diagnostic and QA check. Any defects would be repaired, but working components will likely be left as is. Why replace working components on something that won't sell for retail or carry a full warranty?
Given that the cost of shutter replacement in the USA is $160+, and likely around $300 here if you can extrapolate using typical mark-up, I doubt a refurb is going to come with a new shutter, unless it was the shutter that died in the first place. There are enough error 99's out there that you do have to wonder.
My old spare body 10D was worth so little that I had nothing to lose doing an IR mod on it, at least now I have a camera that I can take some interesting shots with
It didn't make doing the mod itself any easier, but it did cut down somewhat the intensity of the glares from my wife vs. had I tried to mod her new 40D
(the toughest part was the proper installation of the adhesive silicone used to hold the new filter glass in place, it took me a couple of days to get it right)