factory rebuild engine

[ChrisZang]

So I am getting a "factory rebuild engine" (or whatever Porsche calls this) after the death of my original engine due to intermediate shaft failure @ 51k miles.
So this replacement engine is obviously not new as the 3.2L engine went out of production a couple of years ago. Does anyone know what I will be getting? Is the new engine "as good as new" or how would you classify the status of such a replacement engine?

To avoid the obvious questions why I don't do a 3.4 or 3.6 engine swap:
It's too expensive: my extended warranty pays for the new engine & core (and installation). If I swapped the engine for anything other than the original 3.2L, then I would have to pay for the core myself and would probably also void the (extended) warranty.

Thanks