I'm sorry you lost this item, Linda. I can imagine how frustrating it must be. I've got one of those "holy grail" items that I've been watching for for year, and have never seen -- I've often thought that the only thing more frustrating than NOT finding it, would be FINDING it, and then losing the bid.
But if it's any consolation, from looking at your bid history I don't think the timing would have mattered.
A few seconds before the end of the auction, you were winning with a high bid of $309. Then, ONE SECOND before the end, Terukajc took it away from you with a single bid that more than DOUBLED the final price to $760. We have no way of knowing what Teruk's max was, but it was obviously VERY high, compared to the going rate. If Teruk had nibbled in the 34-second window, then I'd say yes, he was reacting to your early snipe. But I don't think that was the case here.
Also, if you were going to snipe an item that you wanted THAT bad, would you wait until the very last SECOND? I suspect that Teruk was also using a sniping software, and because of ebay's delays, it ALMOST didn't make it in. For your sake, it would have been nice if he had missed it...
This may be one of those semi-legendary cases where two "money is (almost) no object" snipes collided... I'm sorry that you got burned, though.