"As Is' to me means either someone else did have the good(s) and/or it was used as a demo on a show. You do take your chances with as is items however, I do shop specifically for as is and clearance, as well last clicks if I'm really wanting something but certainly won't pay full price if I can get it cheaper.
For all of the as is items I've purchased which I'll add are all clothing, I have never received anytbing that was not acceptable to keep. Don't forget, you still can always return these types of items.
I love a great bargain and have found many in the SG line. Susan's things are mostly way overpriced for what they are but she sells a mean as is for less than half the price!
On the other hand, I've also received items (clothing) that have been sold as new but clearly are not if the tags are clipped off and labels removed. This is cheating in my book.