Real auctions don't abruptly end while people are still actively bidding. On eBay, last-second-sniping is the best way to minimize your winning bid, regardless of how much you're willing to spend. You can set the same maximum bid amount 10 days or 10 seconds before end of auction, and the bid 10 seconds 'til end will always yield a final price less than or equal to the earlier bid, but never the other way around.
And for those who complain about being beaten by bids at 2 seconds left, well did you bid your maximum amount, or didn't you? Even though sniping helps to minimize the final winning bid, a sniper still has to place a higher bid than everyone else. So, I really don't see what the complaint is about. eBay isn't a live auction with an auctioneer there to give people a chance to outbid each other. Once the clock stops, it's over.
I like Buy-It-Now, also, but sometimes you can get really good deals on the auctions, and sometimes an item is so rare, that there are no BIN listings, or are listed at an overly-inflated price.
Here's a recent personal eBay victory of mine. I found a rare collectable listed on eBay, at a starting bid of $800. It was a 5-day auction, and this particular item rarely popped-up on eBay, except for a couple of grossly-overpriced BIN listings. I was willing to pay up to $900 for it, but waited until the last 10 seconds to place my bid. As the timer counted closer to the 10 second mark, there were still zero bids. I placed my bid for $900, and won the item. To my surprise, the final price was $840. Someone else had actually put in his own sniper bid, but didn't bid high enough.
Moral of the story ... bid your maximum amount, but wait until the final seconds if possible. If you still lose the auction, then someone was willing to pay more. You can always place an early bid for your maximum amount, but it's not the most efficient method, and you only increase the chances that someone else will actually outbid you.