The wrong time to evaluate "willingness to pay" is in the final three minutes (as with trebortoys). After five days, one should have a pretty clear notion of what something is "worth" -- especially when last minute course corrections run the risk of inflating end price. Any benefit from demonstration of "oh yeah, I can beat your bid ... again" in the closing minutes seems to me to be lost in the long-term by unforseen "sniper losses" and inflated "win prices" ... maybe that's just me.
I agree with you - put in what you're willing to pay. Just don't screw around unless you're deliberately leading on others by signalling a degree of indecision that isn't really there.
With a lot of this nature, I would think a selective bidder would know not to tip his/her hand early. By keeping mum, had trebortoys won (in an alternate universe), jimyt613 wouldn't have bumped the price as much, and other interested parties would not have been prompted to follow a similar approach and reevaluate *their* bids.
Buy, hey, it's all moot.
I guess we'll leave it at that.
I'm beginnnig to wonder whether few video game collectors actually track expenditures toward their hobby with some level of detail...?