Honestly, it'd be the only way for me to auction if I were into it. I prefer the buyout button though. Solid chance you get your item. I can imagine it sucks losing to it though. I just know that it's the one way to auction in games and game sites. Sniping. Heck, even real life auction stuff. My parents would often bid on cheap vacations. I just wish that there was a system that would bid automatically for you up to a certain amount; I know one site that does that, but it is one for real stuff.
Heh, I assume you namedrop Popo cause I know her.

Probably a wise choice to save your FP, or just make sure you don't go below a certain amount of it.