Let me start off by saying; I completely agree with many of the reviews already posted, I have read reviews form both sides, and agree with points made form both sides. Also, that i am a collage student with almost no money. I also have spent very little ($70 over all) on this site.
I Have won a few items, and for very few bids, as well at a decently low price from the site. HOWEVER, a lot of it does seem like a scam, and no doubt exists in my mind that the people running the site are making a killing off it. Many times when biding i would get out bid at the last second (or it would freeze at the last second, and i would be out bid), and the person who just out bid me had at the same time managed to placed a bid on a different item to out bid some one else. If you ask me it sounds like a bot. A lot of the items i gave up on, because i didn't want to waste my bids, money, and time against a bot. So yes, i did lose some money and time on the site. But if you set limits for yourself, and be willing to let stuff go, it is possible to get decent items for cheep.
That said, the site is BBB Accredited. They are up front about what, the risks are, and that it will ultimately cost you your money. I get why many people are mad about this site, if you don't win it can seem like a huge scam, and you can waste a lot of your hard earned money. But the point remans that you need to cautious with your money. Before you put your money into something, do a little research, and use your brain.