Let's say the item closes sometime tomorrow, and the current bid is $10.

Now I bid a hundred; current price goes up to $11. I am happy, thinking I'm getting it for $11.

Now Fletch thinks he can have this for $12! But just to be sure, he puts in a snipe at $100.09.

His bid goes in a few seconds before the item closes; since his bid is more than a dollar over the current price of $11, ebay accepts the bid. My bid is automatically raised to $100, which isn't good enough; his bid would automatically raise even higher, but his maximum was $100.09, so that's what he pays.

Of course, I didn't really want that Campy **** anyway!