I appreciate the specific feedback. How it works now is a combination of 10-minute minimums and 3 hour maximums. This is something they have settled in to since the early internet days to prolong the bidding so everyone has a shot, while still providing some sort of end in sight. That said, we've discussed this specific subject because you're not the only one who's expressed the same thoughts.
Bottom line, until/if the bidding is modified, think of the auction ending as a "funnel" and as the auction "ends" at noon, any pieces that haven't had bids in the past 3 hours will close exactly then. If an item was bid on at 10:07am, it ends at 1:07pm, etc etc, and this continues as the entire auction continues to end. Pretty soon, instead of having 10000 items open, only a couple dozen remain. As it gets closer and closer to ALL of the items being sold, the maximum time continually decreases and you're left with only a few items still being bid on with a minimum time limit of 10 minutes.
In other words, if you're outbid, you'll always have 10 minutes minimum to react. You might have as long as 3 hours, depending on how many other lots are left, but you're only guaranteed the 10 minutes. That's what they found their regular customers preferred over the course of many years, as it eliminates sniping and still allows heavily-contested items a fair chance to continue bidding. In essence, the 3 hours is for the sellers and the 10 minutes is for the buyers.