I love it & hate it.
I more often than not lose bidding wars. A few times at the last moment, but usually to accounts that were only recently started, which makes me suspicious that it's the seller hoping to jack up the price. I've been warned about that, so now I just bid the final amount I want, and let the bids fall where they may.
As far as getting burned, twice. But both ended okay. Once I ordered some VCDs from someone who's rating was alright, but I guess he decided to go out of business and take some buyers with him. I sent a postal money order out for my stuff promptly, but weeks later on product. When I would email, if he answered, he would say the product was sent but somehow lost. Finally got pissed off enough I contacted Ebay & told him I would also tell the Post Office, which would make him guilty of mail fraud and a federal offense. My product showed up within the week and I got a curse filled email, for daring to want what I paid for. Unfortunately a half dozen others got burned after me, not heeding my feedback about him.
Of course it's my only negative feedback, since he claimed that I never sent the money & took the product.
Most recently I got burned on a DVD that a company was selling but didn't have. Was the old bait & switch. I could have credit, but no product. Got Ebay involved again, and got a check.
I still would recommend Ebay highly though.