Sniping has been around on eBay ever since the site went up. I do it all the time. If you want the piece that badly, you'll either leave a high bid, or you'll be there at the end. There's nothing wrong with it. You win some, you lose some. Go to an auction hall sometime and bid. You can still get outbid, and if the auctioneer allows absentee or phone bids, you're bidding against them, too.
I seldom if ever bid on an eBay auction early in the auction's date range. Most of the time, no one else bids, and I can place a bid and get the object for the seller's original bid amount. If I do bid on an item early, it's often something that doesn't matter enough to me, to hang around and bid at the end. That is, it's a nice-to-have, but not something I'll go to war for. If I win it, great, if not, meh.
And I've seen auctions--bid in a couple and even won a couple--in which the bidders put their eBay muscles on, and we wind up bidding something like a Monogram P-40B up to $50. Then eBay testosterone kicks in, and everyone says, "No one beats ME!!" And you wind up with an expensive piece, that you can find on the retail market for a tenth of the price.
It's as fun to observe, as it is fun to watch people at real auctions, which I've also done. I loved the reaction I got once in a live auction, for a beer stein. I collect 'em, and I was bidding against a dealer. I was bound to win, because the dealer wanted to spend as little as possible, so he could flip it for a profit. As a collector, I could outbid him, and still pay less than I'd ordinarily pay if I saw the item in his shop. That sweetened the win.