My credit is still fairly sucky, so I end up with a loan with an adjustable rate. Said rate, however, will start a good four points lower than my current rate and won't adjust for three years. At that time, we'll go through the whole refinancing thing again and see if my credit score has increased enough to get a decently-priced fixed-rate mortgage.
Overall, this looks like it will free up a few hundred dollars a month. It'll feel good to be able to get ahead a little every month.