I am a veteran eBay buyer. I have had both bad, and good experiences. The majority of them are good, but just like anywhere, you'll have a few bad apples that try to abuse the system.
All-in-all though, it's a great place to get some items you can't find elsewhere. Old collectables. It's like a giant garage sale. I also find other random items for cheap, such as smart phone screen protectors and/or cases.
As far as the bidding thing goes, I have definitely felt the anxiety a few of you talk about. lol It's real, when watching an auction's last minutes & seconds tick down. You know what's the worst though? BIDDING WARS. Unless of course-you are the seller. Then two buyers driving the price up on each other is music to your ears. And bells in your pocket! A bidding war causes people to bid out of spite, and someone is going to way over-pay on an item.
There is a solution! Also something a few of you have mentioned: bidding tools. The one I use is gixen.com. It's free. Enter your eBay info, the item #, what you want to spend, and it will bid for you with like 5 or 6 seconds remaining in the auction. Then, you're not sitting there bidding what you want to pay, getting outbid, then bidding again, then justifying yet ANOTHER bid, and in the end: overpaying, or driving someone else to way overpay. You set what you wanna pay, and if you win you win, and if you lose, you lose. It can certainly still be frustrating if you lose, or win at a price more than you hoped it would go for, but it's the best way to go overall.
Another tip I will give you guys-is if you have one, and if you can-PAY WITH A CREDIT CARD. Through PayPal. Not with your bank account. You don't get charged any extra fees for paying for eBay items with your credit card, and then, if the seller does end up hosing you one way or another, you have a great line of defense. My credit card companies (Mastercard and Discover) have mostly been great when I contact them & let them know an eBay seller did me wrong. You can file chargebacks, and they will launch investigations, talk to the seller, and help you get your money back. That is, if the seller is in the wrong. Now you can also do this through PayPal, but it's been to my experiences that a credit card company does a much better job helping you out. Plus-PayPal only gives you a 30 day window. Where as a CC company gives you 6 months or something like that.
Anyways!! lol That's my take. I use it a ton, and love everything about it, except the obnoxious fees they charge sellers. I don't sell on there often, not nearly as much as I buy, but they take a whopping 13% (10% eBay, 3% PayPal). That's too much. Considering how many items are ending each second, worldwide. My God...