I allow returns with a small restocking fee only because in my experience a no returns policy leads to negative feedback. My .5% negative feedback and two neutrals all follow the same story: Buyer doesn't read description or doesn't understand measurements, buyer want to return in spite of "no return" policy, bad feedback. And we all know that a buyer can always force returns with a full refund unless you have clear photos of every square inch of the item.
For me, the minor hassle of a return is better than the major hassles of negative feedback or having a return rammed down my throat.
If I am missing something here or if ebay has changed a policy without my noticing, let me know.
Managed return program = minimal hassle.
Buyer starts return, you get notified.
Buyer prints label and ships, you get notified.
Item arrives, you get notified.
You check item out.
You click one button to refund item, with or without restocking fee.
Redirected immediately to relist page.
You don't even have to send a single message to the buyer. Love it.