Thank you both for your timely responses.
Just so I have this clear, if I add my highest amount I am willing to pay as $1,000, and at the end of the auction the highest bid is $300, the site will take my maximum bid of $1,000 and apply it within the last 5 seconds. (That will be the first and only bid it applies for me?) If the increments are $2.50, I will win the auction and pay $302.50, is that correct?
Or, if, say, someone bids on the item now (which currently is at $150), will AS automatically "one-up" them (and everyone else who bids, for that matter) until the auction ends?
Sorry about the partly convoluted sentences, it's still early here.
Thanks for your help.