One other thing.... people DO wait until the last second to bid. A friend of mine was selling a wireless mic kit. He had paid about $200 for it when he got it. With about 8 hours left in the auction, he called me up and said "Dude, will you please bid on this? Not much... just about $10 or so. I need to get more than $50 from it."
So, I did as he asked, and bid $60. Immediately, a proxy bid of $61 kicked in. Great... there's his $10.
Finally, just before the bidding on the item closed, it hit $250.