If your current cabinets have started to chip, the coating begins to degrade leading to wood rot or warping. Refinishing puts a halt on the decay and can provide a completely new look or an improved version of the original. What’s more, it is MUCH less expensive than buying new cabinets.
If your current cabinets are in good condition, then you may choose to have your cabinets stained (to bring out the grain of the wood) or painted (which gives you more color choices). The cost difference will depend on how detailed the cabinet is and what style you are looking for.