Is Apple being disingenuous with it’s 42% off iPhone deals?

On the Apple Store website, Apple is listing refurbished 8gb iPods at a cost of $349, which is about $50 less than retail.

However, not the bottom of the ad, which indicates that the savings are actually a whopping 42% off - this of course being calculated from the original list price of $599, which it actually dropped and subsequently offered refunds to customers who paid that high price at launch.

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Refurbished iPhone site at the Apple Store

So what do you think? Is Apple playing fast and loose with the facts, or is this fair game?

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