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They will send your original console back if it can be repaired for something simple like a BRD drive replacement, or a PSU replacement (two of the most common problems).

If the actual MoBo itself is dead, you'll likely get a refurb in a new casing.

Typically it's faster and easier for them to just ship you a refurb if they have them ready to go. The sooner the buyer gets the console back, the better for SCE.