Kup, that's not right - I've won heaps of auctions on eBay at decent prices by bidding early and just leaving it. Looking at my bid history, I've won three items in total on eBay this past month - one by bidding 2 days 23 hours before the end, another 1d 23h and the other 7 hours before the end.
There would be nothing worse than living my life around the end of an auction just so I can snipe a toy. Life's too short.