It counts against you if it goes above 2.5% (in my category, may be a different number in others).
Yes, I know this - any number is absolutely wrong though. It's not my fault that someone decided to cancel their order. I have no problem with people cancelling their order - it's their money and I should always refund - I hate companies that tell me as a consumer that it's too late to cancel pre-ship...so for Amazon to ding me is absolutely crazy...luckily I'm only at 1.5% but I'm getting there - makes me angry to no end that I even have to worry about this.
I also refund people sometimes...As far as I know, the refund rate is informational only.
I hope you are right...that would be nice - I just gave a $70 refund to a guy because his address was wrong and usps sent back to me.