Here is a cautionary tale, and one of redemption, as well!
This summer, I purchased a lovely '04 Marron First at a consignment store, for a heart-palpitatingly low (for BBags, that is) price. I was beyond thrilled. The bag was (is) in amazing shape: perfect leather, no stains, no rips. The handles were moderately 'warmed', but not horribly so. And then it hit me. The smell. The perfume smell. The cloying perfume of the previous owner had permeated the handles, making the bag virtually unwearable.
I tried everything I could think of--including Nature's Miracle pet odor remover! Finally, I decided it was worth giving LMB a shot. Barbara said she could de-stinkify my handles. And she did!!!
Apparently, LMB uses some kind of nasty solvent on the handles, to remove all the oils and dirt. Then, my bag spent about 2 weeks in the 'ozone room', further removing the odor. In the last step, the handles were refinished.
Now, don't get me wrong. I don't recommend refinishing except under the most extreme circumstances. In my case, it was either this, or throw the bag away--I most certainly couldn't have sold it, not with a clear conscience, anyway. Seriously, I am just so pleased with the results! The handles feel like new, and the color matches the complex color of the body of the bag perfectly.
So, for those of you with a beloved older bag,

or those of you thinking of taking a chance on a less-than-perfect Ebay bag, take heart. It is worth spending a little less than $100 to give a lovely older bag a few more years of use!
ps: sorry, no pics. I didn't take 'before' pics, so it would not be useful to have 'after' pics--and you can't capture stink in a picture!!