Bear with me for a little cocktail napkin math.
Okay, so this is $200 with Nintendo Land, but no extra controllers whereas the MK8 bundle is $330, but comes with Mk and a Wii Mote and wheel.
In that case the refurb effectively costs $175, since Nintendo Land appears to be ~$25ish. The bundle system is effectively $225, since MK is $60, and the Wii Mote plus and wheel are ~$45. The free game that comes with MK is a wash since if you spend the $60 on the standalone game it comes just the same.
I'm interested in Nintendo Land, so that's a built in bonus, it's not like having to pay for something you don't really want.
Seems like a good deal to save $50 on the system to go factory warranty refurb. Not really sure about the whole coin thing, if that's worth a damn or not, but I'm guessing its nowhere worth $50.