Why it matters: Sony's revised refund and cancellation policy still isn't perfect but it's certainly a step in the right direction and brings the PlayStation Store more in line with its competitors. If you're the type to second-guess yourself, this could be incredibly handy... just be sure to disable automatic downloads first.
Sony has updated its PlayStation Store refund policy to offer a bit more flexibility when buying digital goods.
Buyers will now have up to 14 days to request a refund on games, DLC and add-ons purchased from the PlayStation Store so long as the purchased content hasn't been yet been downloaded or streamed. If you have already started to download or stream said content, you aren't eligible for a refund "unless the content is faulty." Sony didn't specify what constitutes faulty content.
Similarly, you can now request a refund on pre-ordered content at any time up until the release date. After the release date, you have up to 14 days after the purchase date to request a refund - again, only if you haven't started to download or stream it yet.
Subscription services are also eligible for refund although the amount you get back will be based on how much you have used the service.
Processed refunds will be deposited to your PlayStation Network wallet.
Given the new refund policy, it may be a good idea to disable automatic downloads. To do so, navigate to Settings -> System -> Automatic Downloads and untick the box next to Application Update Files.