I hope that makes it easier to see what I'm trying to get at.

Yes. Regardless of any return policy, if an item is not as described in the listing, the buyer is eligable for a refund. The only option the seller has is whether to accept change of mind returns for items that are as described. Again, it's putting trust in the buyer that they are honest with eBay/PP about an item being as described... alot of this is to do with trust... but you can understand why some sellers may not trust some buyer's and vice verca. I'd rather put No Returns Accepted and risk less buys than be out of pocket by a fraudster.