OK, I resurrected this old topic to update it.
The only time one would see this message is when you place an early proxy bid, to stomp a BIN. (That, of course, is the ONLY time I ever bid manually.) In this case, it was well worth it to win an item for $27 that had a BIN of $74.99!
This is what eBay shows the first time you go to an auction page after you have been outbid:
You have been outbid by another bidder
If you become the high bidder again and refresh, you get this message:
You are the current high bidder. Important: This item ends soon. Since bids are often submitted in the final minutes, refresh or reload your browser to see if you've been outbid.
I would call these invitations by eBay to snipers, wouldn't you?