I received the reconditioned Treo this afternoon via FedEx Ground service. It came packaged in a mobile phone shipping box similar to the ones I've seen used by palmOne / Handspring for its own service program.
The handset looks like it has been professionally reconditioned. The Treo itself was sealed in an electrostatic protective plastic envelope. All of the components that typically fail on this phone (the hinge, the speaker, and the backlight are working).
I synced it to my laptop in order to get my contacts, appointments, and to dos copied over. I'm currently charging it. So far, everything looks good.