If I’m bidding on a retail or otherwise common item, I’ll usually go check the normal retail price and subtract whatever the seller is asking for shipping. That’s my real max bid. The first max bid I put in, though, I subtract a several bid increments. Then I’ll wait until the bid bumping and sniping starts, and then counter-snipe up to my real max bid. It usually works for me and I get it at least as cheaply as if I had bought it retail (and free shipping, sort of).
Alternatively, I’ll search completed auctions for similar items and see where they’ve ended. I don’t like this method so much because there’s always someone who got an absurdly good deal, so I still feel like I’m overpaying even if it’s a under normal retail.
I haven’t bought anything “collectable” on eBay in a while, since I got in a bidding war (a real bidding war, not a last minute bid rush) and paid way too much for a couple CDs (but they were limited edition, and the only ones missing from my collection, and, and…).
Only advantages I see are to (1) take away a Buy-It-Now option; and (2) make sure that there’s at least one bid so that the seller is less likely to shut down the auction from inactivity, although he can shut it down anyway at anytime before the official end time. I’ve had situations where I was poised to snipe and when the time came to snipe, the auction has already been closed. Not a big deal.
Not sure what’s a counter-snipe. A snipe is a snipe. Technically it’s just one bid as close as possible near the end of the auction.
I dislike sniping. I’m not going to engage in it outright. The fake-max and real-max distinction is put into place is to allow me to make a bid and use the auto-bid system, but still have the chance to counter-bid snipers (I.E. counter snipe) and regain the high bid.
It makes sense in my little self-righteous eBay world, okay?