Define '5 seconds'. I acknowledged that I might have lost this auction anyway. But 13 seconds is certainly long enough for a reaction to my bid to outbid me. I've done so myself in less time than that. That is what I mean by 'picked off'.
Other discussions on this forum defend the longer lead times by asking whether you would rather risk getting in a bid altogether in high traffic times. My answer is that I would like to have a choice of which risk I want to take.