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A few questions

My apologies if these have been thoroughly answered elsewhere, I know it can be irritating when newbies post questions that have been answered over and over again, but I'm having a little trouble understanding exactly how this site works.

I see that some people suggest not using this site for must haves, but I am desperate to win a particular item.

My first question is, if I am willing to pay at least $1,000 for this item, will that ultimately be the amount I pay? I've researched similar items in other auctions and the bidding is up to around $350 with four days left. I think I read that AS will automatically place the bid in the next highest increment than the previous high bidder, but I just wanted clarification on that.

Also, I was wondering when I should start 'sniping' the item I want. Should I start now (with four days left), or wait until the day of the auction? I am asking this because I read somewhere on the site that AS will check the bid every 10 minutes or so within the hour of the auction's closing. I also read (I think, I've undergone information overload I think) that it will place up to 15 bids on an item. I don't want to use up said bids within the first couple of days as I anticipate this item being largely popular. Basically, my question is this: Will AS start bidding now, or does it wait until the last 5 seconds or so?
Any help would be appreciated, thanks in advance.
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