As a buyer I use it sometimes and like the option.
As a seller I don't really care. Seemed to be a lot more bidding wars on my stuff before the emergence of sniping. It also gives you an early sense of interest in your item without everybody waiting for the last second to snipe. I found people bid earlier and more often before the popularity of sniping programs caught on.
Nowadays I have no idea what something will sell for until the auction is over. Even watch lists don't really give a sense of interest. It's amazing the number of items with 2 or 3 watchers will outsell an item with 20+ watchers.
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