Thats exactly what I do. My highest possible bid at the last moment. If someone before me didn't put in a higher bid, then he can get it. Its fair to me. Sniping in my eyes is when I already have a failed bid, but bid with 2 seconds to go at £1 over the other guy.

Remember Yahoo! Actions? That was slightly more fair to all. You couldn't snipe as the auction time extended each time you placed a bid. So if you bid with 10 seconds to go, the auction would extend by a few minutes. This represented an auction more than eBay does.