You say that the 15 minute rule makes sure that the person willing to pay the most actually wins the item.

I think it just as likely that the person with the most patience might be the winner.

If the stated 'end of auction' time arrives and I have to wait and watch an additional fifteen minutes to see if I have been outbid, then respond wit higher bid, only to wait and watch another fifteen minutes to see if I have been outbid again . . . etc., etc., etc.

I'm just going to say 'The hell with it, my time is more valuable than that.', and the most persistant bidder will win.

The only ones to benifit from the 15 minute rule are the seller and the auction facility.

With an absolute time limit auction everyone knows when it will actually end, and (sniping or not) is encouraged to make an intelligent reasoned maximum one-time bid.

In any auction you should know ahead of time what you are willing/capable to pay, and should not be taunted into over-bidding by a constantly moving time limit.

Just my personal view of the world.