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Why was my Snipe was placed too early?

I signed up to have the following auction sniped 3 seconds before the end:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=7608169886

For some reaon, the bid was placed 22 seconds before the end. Since the winner placed bids both 12 seconds before me and 18 seconds after me, I assume he was placing his own bids in real time. This means that I would have won the auction if he hadn't had enough time to react. Why was my snipe placed too early?

Also, my bid was $78.65. His winning bid was 79.98. Does this make sense?
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