I'd say don't settle for anything with under a gig of ram.
If you find an OUTSTANDING deal on a refurbished, then do it. If it's cheap enough just think of it as a throw-away temporary computer.
It's been a while since big advances were made in laptops, I might wait, I expect some big changes to be right around the corner, I'd say now's not a good time to buy.
(I did that for my girlfriend, she was about to buy an ipod, I told her it had been a long time since new ones came out, and that new ones were around the corner. she waited, and now the 80GB are $100 cheaper and have metal bodies. ha. I'm good. 8-)
':|