If i remember rightly its an item that has been returned, checked (maybe repaired) and boxed for resale. I think they come with the same warranty aswell.
Its normally a customer return which has been opened and used a few times but returned with no problems (normally mistake purchase). As RJC says you might be missing 1 or 2 things.
I've heard that working quite a few times with Nvidia cards. Someone bought a dead 8800GTX off me and got it working by that method.
Personally its not for me and I'll keep selling them to some other idiot to watch them destroy things, but each man for himself.
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