I have mixed opinions. I have been sniped on items that I really wanted, but that's just how the game is played. I do think esnipe, oracle, and those types are clearly being unfair.
However, early bidding ONLY DRIVES THE PRICE UP. If I'm a buyer, why would I give the other guy 5 days to think about his bid amount, and GIVE HIM TIME to decide he'll really pay more for the item.
I believe the true auction happens right when it gets down to the wire. I'll wait and bid when it get's to about a minute or less. This, by my definition, is not sniping. It keeps my bidding from driving the price up (bidding war), and gives time (not much) to someone who really wants it more that I. IF YOU REALLY WANT THE ITEM, YOU'LL BE THERE WHEN IT CLOSES.
My $.02