I used to think the same...
In the end realised so many people were watching what I was bidding on that I was winning virtually nothing.
So I decided to join the sniping ranks.
Wins are up to approx 50% and I don't get into silly bidding wars.
What winds me up is the 'dog in the manger' bidders, who bid against people because they don't want them to get the item 'too cheap', but have no intention of actually winning the item.
WOOF!