there was another site like this...
I'm pretty sure they are legit because if you think about how much you spend on the "bids" in order to use them they easily get what the product is worth + some more
EXAMPLE:
Right now I'm looking at a 13" macbook pro on the front page.
on Apple's website it's "starting at" $1200.
Each bid cost $0.60 . And each bid increments the price by $0.01 (one cent). Each bid makes the timer go back to 15 seconds (it starts a lot higher..but once it gets down this low it resets with every bid).
At the time of writing this (auction still hasn't ended) the bid is at $23.00. That's a total of 2,300 bids.
So 2300 bids at $0.60 each is $1380. PLUS the $23 the eventual buyer pays so that's $1403 for a $1200 laptop.
So in the end..it's cheaper on the buyer BUT ONLY IF they actually get the item...because it cost you per bid, which means if you lose the item you're down by all the money you spent bidding..and you didn't even get the item.
So yea...they make their money back on the item plus some. The winner gets it cheap...the people who bid and lose come out losing horribly.
Seems like a scam...but it's really not :\
EDIT: it's now at $25.30 and still going. So for every $1.00 the bid goes up that's $60 in their pockets. So they are now making around $1500 for a $1200 laptop lol