A bit of a mixed bag of answers here.
However, as a statement, it's not really a true one anyway. If the item isn't as described, then you will be able to return it - even if you have to go through a claim cycle.
Obviously there's no warranty, and I take the statement to mean no returns if it looks a bit grubbier than expected, or you're not happy with a few usage marks, or it goes wrong a few weeks after buying it.
If it's listed as mint condition, for example, and turns up marked and damaged, then you have a case for return regardless of what the seller puts in the listing, as they've misrepresented the item.
Having said that, I managed to claim for a really badly represented E-1 some while back which went in my favour, but eBay screwed up and never sent me the return labelling I needed, and I ended up having the claim expire. In the end I resold the kit with an honest description, and just about recovered my losses.
Since then, I've bought other stuff, but I'm now finding that reputable stores have second hand cameras in stock for prices that compare with what is available on eBay, and come with a warranty. My E-420 was from CEX online (in the UK of course), and came with only 160 shutter actuations for £120. They're selling for more than that on eBay. LCE are another good one over here too, and I've got bodies and lenses off them, all for better prices than on eBay.
