Sniping is great. I snipe most auctions I win on eBay. If sniping is not allowed, I would only bid on items I really need (much as I do now with the "big" auctions).
I think extended bidding works well in an auction with a set ending time for all lots. However, if this is going to be ebay-style with ending times all over the board, then it will be a bit of a mess trying to keep track of which lots you want to follow in extended bidding.
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