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For £300 you'll get something perfectly usable, this for instance http://www.pcworld.co.uk/gbuk/computing/laptops/laptops/lenovo-g50-15-6-laptop-silver-10137557-pdt.html which will probably have better battery life and look nicer.
It won't be as powerful though and probably won't feel as sturdy as a reconditioned expensive laptop.
Depends what you value, obviously getting something new is nice.
That nipple is bloody crap though (except the X220 has a trackpad and nipple so I have the nipple set up as a scrollwheel).
A lot of businesses use them. They're fairly hard-wearing (although not particularly good looking) so I guess a lot end up with the corporate laptop sales companies. There are normally a lot of Dells knocking around as well.