That's so so terrible! I guess the moral of the story is---don't accept bids from buyers who have little or no feedback (either that or don't sell on ebay all together! I had no idea their policies were so loose!)
The problem is with Paypal. Any buyer could do this to anyone at anytime apparently regardless of their feedback. The moral of the story is an even scarier one than to watch for low feedback buyers...it's that you aren't completely safe in any designer item transaction through Paypal EVER. All you need is a buyer with poor motives supply a letter stating the item is fake (they can have a similar but fake item authenticated instead of the real one), paypal will have them destroy it, and they will take your money without even giving you a chance to fight. An even better scam than the rocks in a box we have been hearing about for years....this is not good for anyone no matter how careful they are.