Yes, it sucks.  I usually end up bidding towards 
the end of an auction as well (I can't usually 
coordinate so that it's in the last minute 
though).  It does save you a bit of money 
sometimes because others don't see the auction as 
something that someone else wants.  It's also 
better for me because if I bid on a $300 cel, and 
I see a better cel the day after, I don't have 
the flexibility to buy it.

In the end though, it comes down to one thing: 
who will pay more.  You have to have a limit when 
you're bidding on auctions, and you never know 
how much the other guy will pay.

Yes, it also sucks when the other bidder just 
puts the cel on ebay after he gets it.  Why don't 
you just bid what it would sell on ebay for then? 

Just my thoughs.  I too get annoyed when I get 
outbid last minute and I must remind myself of 
these points...;)

-Graham