Nah, KDR, you wouldn't have to go that far (referring to adding 24 hours to auction)... 15 minutes would be fine to eliminate sniping that occurs when there are literally 2-3 seconds left – not enough time for anyone to respond, even if they wanted to.
As for me, yeah, you can always say to bid higher if you're really wiling to pay more. But like Matt Oz said, you risk inflating the auction too early... Bidding in increments (instead of one "mega-bid" of your absolute max price) is like throwing speedbumps into a straight street to slow people down. It will generally lead to you getting the item for cheaper because you can somewhat stifle the start of an all-out bidding war.
UPDATE: As a strange bit of irony, I was awarded a 2nd chance offer on this item. Good news, right?!
But wait – the plot thickens! I took the offer and paid, only to have the seller contact me the next day and say he's unable to complete the sale – Paypal issues, he says. So now, my money is in limbo, and I have to find another item to buy.
Oh, lovely ebay sniper, I never appreciated you until it was too late! (goes to change the title of the thread)