Wow, that is a very interesting business model.
After looking over the site, I see that there are even ways to set up automatic bids on an item. You can lose money (spent bids) in your sleep! Brilliant!
A friend of mine and her son do quibids. Her son told me that if two people are doing the "automatic bidding" option, that nobody wins. The bidding will exhaust your entire supply of pre purchased "bid bundles".
They've picked up some stuff really cheap about 3 and 4am. Vacations, gift cards, not electronics.