I have started running Buy it Nows with some surprising success but if an item sits for a month or so with no great interest, I will run it at a penny with no reserve for 7 days. I have over 4000 100% feedback so I have a bit of experience in this field.
On a rare occasion, I will get beat up on the penny auctions but it happens rarely. I distinctly remember a Yellow HOF Postcard signed by Boggs which I got in person went for $1.75 or something crazy like that. After fuming a bit, I realized that I had paid $1 for the postcard and gotten the auto for free so I actually made money (so I tell myself....not counting opportunity cost of course!)
If you list items for a penny you can also back out of them anytime outside the 12 hour window so there really is little risk.
peace, mike