..ok after thinking about this I think I have it wrong!
If I snipe with a max bid way above the current bid - is that effectively like placing a proxy bid on ebay?
E.G. Lets say an item is currently at $600 and the current high bidder has a proxy bid set with a max bid of $800.
If I snipe at 5sec to go and my max AS bid is set to $850 - will it simply keep bumping up the bid until its at $810 and then I win? Or will it just bump up the bid to the next increment from the current bid ($610) and then the other bidder will win at $620 because he has an ebay proxy bid with a max bid higher than that?