In addition, there is a spot to place a Peace Emblem (which costs 100 PP? I think). A Peace Emblem guarantees that you won't lose your equipment after a failed refine. Bad Refined Iron has a lower success rate compared to normal refined iron. However, even though normal has a high success rate, there is a chance the refine may not work, making you lose/mess up your eq.
To be on the safe side (and if you have lots of PP), buy the Peace Emblem. If you don't have the PP like me, only refining with normals is a good practice.
[ Last edited by r2d2arm at 5-26-2008 00:24 ]