Yes, I agree.
I think Ebay's system works great. People should 
only bid once anyway.
I have been using ebay as both a seller and a 
bidder for four years now, and I have to admit I 
also wait to the last minute before I bid. If a 
bidder really wants an item, then they should 
enter their max amount from the start. People who 
bid on the same item five times or so in small 
increments really annoy me. 

I think the suggestion of only allowing people 
who have already bid on an item to bid during the 
last two hours is unfair. It would only inflate 
the prices and I don't feel the bidder would 
benfit from it as much as the seller (and I am 
saying this unbiased, since I am a seller too)