I thought I'd give it a try. Pretty much threw away about $80 but I did come out of it with a gift card for $25. You can do the math.
At one cent increments you are spending 61 cents on each bid. The "buy now" option gives you the dubious ability to buy the option at full price, which are no bargains, minus the money you wasted bidding on it.
A bit addictive and sort of like bidding on air.