chitchat said:
Most new bidders don't have a clue, but you could be right. However why would you put a huge bid on an item ? unless you were going to be trapped in a cave with many really hot woman and an unlimited supply of beer for the rest of the weekend. Other wise wait and use the 15 second rule with your highest bid.
I often put autobids in and quite enjoy watching people putting dozens of bids in at the end to no avail.
I didn't buy this jacket btw but would have paid similar as a top whack.
If you read The Art of Strategy by Avinash Dixit he discusses the merit (or lack thereof) of late bidding on ebay and various different strategies about bidding in different auction formats. He indicates the only possible reason not to put a max bid in early is if you think others may not know the value of the item and you don't want to draw attention to it.
Interesting stuff
I often win with a max bid and usually if I don't it's a fair cop and someone wants to pay more. If you are honest with yourself and place a solid max bid that is your actual maximum you can't go far wrong.