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Reply to "Will AS bid my max, or just the next increment?"

Okay, I get it. So AS will bid my max. It just places one bid right at the end.
But I have another question.

Let's say my max bid entered on AS is $500 for an item. The item is at only $350 at the moment my bid is placed, and I win the auction by a rather large margin.

Will I actually PAY $500 for the item just because that was my max bid? Or, will ebay charge me for just the next increment (ie. $355 or something) even though my max bid was a lot higher?
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