For the most part, yes. The DVD drives have been swapped out with the new(er) ones, and the saudering has been re-fixed.
IMO, they're not going to be the "OMG PERFECT" solution for the 360, as the reason the 360 die at all is constant driver upgrades to the GPU, making it pump out more power, causing the unit to overheat, and mess the sauder up.
The Refurbs have re-enforced sauder (I do believe). The 65nm should totally fix the issue. However, next to either a uber-new 360, your best bet is a refurb if you want something now. Basically, a refurb has all new parts in the 360 shell except for the ultra-costly components that won't fail (CPU, GPU, HDD, Ram).
Again, a refurb will save you $75+, allow you to buy one right now, and be save you from some worries about the failure rate.
IMO, even though I do admit mine died a month or two ago, I fully expected it do with everything I had done to it. I plugged/unplugged it and transported it to various places dozens of times, clocked 1000+ hrs on Oblivion, had 80+ games with tons of driver updates on it, and of course, played the horrible Superman Returns (which killed it). The units are far better than launch.