Placeholders During Listing Day?

Hi guys,
Has anyone heard of using placeholders during the $.20 listing day special? I read in the TokiDoki thread about bags listing at insanely high prices (think $500 for a $160 retail bag). The poster was only listing those bags as placeholders, so they could list stuff during the special and revise them at a different time. The high price was a deterrent so no one would mess with the listing before they changed it to whatever else they wanted. Then they would revise the item to something totally different and still get the insertion fee of $.20.

Has anyone ever done this? I think it's a great idea in theory. I never have enough time to get everything in on the day. But is it ethical? (Yes, it's eBay so messing with the company maybe isn't that bad.) Any thoughts?
THANKS!
 
I've seen it done where the seller will post the bag but not the description.

My only issue with this is when you revise it can take 24 hours for your listing to come up in ebay searches.
 
I have come upon those pending listings a few times. I didn't realize why at first, they did that. Anyhow I don't find them to be a problem, I guess if someone wants to save a few dollars badly enough and hasn't gotten their listings together then why not? No skin off my nose..
 
There are actually some VERY reputable sellers on my FAVORITES list who I have seen use this trick. They just post a title like "Louis Vuitton Bag" and a $0.99 price and nothing in the listing...then that gives them some time to revise the listing with pics, description, price revision, etc.