How about you bid your "reservation price" and have no regrets? Simply bid the most you are willing to pay and then last minute bidders won't matter. That is the beauty of a second price auction.
All the feature would do would kill the last-minute folks. Nothing more, nothing less.
All of the "bid and forget it" folks (i envy your discipline) still win if you value it more than the next guy.
I definitely think eBay would be better off with this feature implemented
It seems that most people, given 3 hours to think about and consider the regret they would feel if they didn't get what they are bidding on, would usually convince themselves to skip a coffee and add another five dollars to their bid.
you are totally right, but humans are far from rational.
At the last few auctions I've been at (Mostly Used Computer Equipment) - the people who purchased real volume showed up with a Item List and Price, and just kept holding up their paddle until their price was hit, and then they pulled it down. They didn't really care that someone managed to purchase that Dell Latitude 610 for $110 instead of their last bid of $105. They were done at $105.
So, in some cases, eBay actually does precisely mirror real world bidding.