What's more important is if your country's consumer protection laws are on your side or Microsoft's. My country's laws don't give a fuck about Microsoft's little "no refunds" policy - they have to give me my money back if I have a valid complaint. For example, I once forced Microsoft to refund every XBLA game I own because my 360 broke and they wouldn't work offline on the new console. This was before license transfer and all that, of course.
I feel it's pretty important for people to know things like this and not just blindly believe greedy corporations.