You are absolutely right. But I am never disappointed if I get outbid, because I put my max in. I also never overpay or get hosed if someone else puts in an obscene snipe. And I sometimes I still win stuff, good stuff. Mostly for really good prices. I have lost on tons of stuff, for sure, but it is always on my own terms, and not because I forgot to set a snipe or something.
+1
If you win, you win, if you don't, find another one. I just put in a price i am willing to pay for something and wait to see if I win, if I don't, all good.