Similar "no reserve" auctions run on skyaction.com for a week max, with some being available for only a few days. They usually have terrific offerings (e.g. week-long vacations at all-inclusive luxury resorts in the Caribbean with return air from major U.S. cities included). These junkets are usually worth thousands$ but often go to the winning bidder for a fraction of the real price!
You're right, often the auction becomes a real feeding-frenzy with bids flying in at a furious pace. The good thing is that most of the increments are small, which still keeps the ultimate winning bid within reason. Ir'd be lots of fun to see something like that on LL.