I've given up on trying to snipe my way into deals on ebay...way too many people using automated bidding software, and you'll lose every time.
If I'm really interested, I'll place an early bid, so the seller knows that he has interest ( I learned that on the Jons 111...I wanted a chance, too, LOL) then within 10 minutes of the end, I decide on my max bid and place it, and let proxy bidding take over.
I don't get many chain saws that way, but if somebody wants to pay the outrageous prices, well, let 'em. Some classes of merchandise goes better than others.