Yes... I usually watch what's going on and if I bid it'll be very near the close of the auction. I'll spend this time looking at prices for the item elsewhere for comparison, checking eBay completed auctions, and pondering whether I really "need" it!
So it depends somewhat on the behavior of other bidders if any. If someone makes 13 bids in 15 minutes at $10 increments, I'll usually figure it's not worth getting involved in a bidding war. Low price, no other bidders, low feedback score... yes, I'm careful but I've gotten some real bargains that way.
Example: Lightly used Pentax 645NII with 75mm, film insert, caps, manual, carry bag; newby seller way at the other side of the country, one small photo, poor description, starting price $800 with a Buy-It-Now of $1400. Tick tick tick time is running out, 0 bids, so after a couple days of eyeballing it I bid in the final minute and get it for the starting price plus $20 shipping. When it arrived, it was like new. Lucked out that time.