I used to play the auction game as a buyer...enter bids here and there. Once, waaaay back when I was new to eBay I got sniped. I was sure I had the dress in the bag, but another buyer had a snipe bid in the last 5 seconds which became the high bid, so they won the dress. I was furious! I even emailed the other buyer, accusing her of stealing "my" dress. Boy was I silly!
Then, I figured, if you can't beat 'em, join 'em! Sniping is the way to go...no one can bump up the price to feel out your max bid because you bid within the last 5-10 seconds. As a buyer, it's great :) As a seller, it's a bummer, since your item will then sell for less because there's no bidding war

In all honesty, I only buy items that have a Buy It Now that seems reasonable - I'm all about instant gratification :)