I have never ordered an AS IS item, but I've read where many posters have and are well-pleased with their items, especially at the significantly reduced prices. Yes, you still have full return rights on AS IS, and if you call CS and tell them the item was defective, you will not be charged return shipping.
Just recently, I paid full price for a top. When it arrived, I noted that it had a square label on the clear plastic wrap instead of a rectangular label which denotes new. The item smelled of perfume. I was not happy, that item should have been an AS IS.
No act of kindness, no matter how small, is ever wasted. - Aesop