That's one of those things that seems to mean different things to different people!!
To me, "restore" means something has been restored to it's original, like new condition both in terms of function and appearance.
I would take "refurbish" to mean that something has been brought back to a like new state from a functional standpoint, but cosmetic issues remain.
For example, a refurbished arcade game would be %100 operational in every way, and play like a new one, with an excellent monitor and controls, but may be lacking sideart, or the cabinet isn't perfect. A restored arcade game, on the other hand would look just like it did when it was new in addition to playing like it did when new.
That's my opinion anyway..
D