Auction sniping is an art. Being able to use the 1-click-bid function at the end of an auction, and by bidding say $100 or $200 over the asking price (of course depending on the value of the item) you will most likely get it and still pay less. Remember, people are cheapos and usually don't bid over the current bid very high. By entering a steep new bid at the very end, they never get a chance to outbid you in return. There are lots of tricks to it and I think it really serves it's purpose. I don't think Ebay auctions get extended by last minute bids, I know other auction sites have that system, but never seen it on Ebay.
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The truth is not affected by the beliefs, or doubts, of the majority.
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