The problem with this is that you can not (unless using extremely fast equipment) have page send a request, the server handle, and receive the request every second. Well, I shouldn't say "can not" but rather most likely won't. You've got to worry about server load, what's being served (static or dynamic) and how long it takes to process that page? I.e. if you're refreshing the output of a php file, then how long does it take for the server to serve that on its own? If it takes the server longer than 1 second to parse the PHP file, there's no reason to refresh every second (seeing as how you'll never get output) 😉
Do some benchmarking first to see how long on average the page takes to load. Then add a few seconds to account for server load. My guess is every 10 seconds is pretty good, although you could probably get away with every 5.