Hi Patrick,
Well, we never blame eBay like most of our competitors always do, we'd rather just tell the exact truth. Only about 99.99% of the time (1 in 10,000) it turns out to be our fault, as it was in this case. One of our customers piled up a massive number of bids, all under $1, and all to execute in the same few-second window. This choked that server and although we check for that, it does take about 2 minutes to recover. The whole thing occurred in less than two minutes, but unfortunately your bid were right on the tail end.
The last time we saw something like this was at least three years ago, so I can tell you with confidence that it's not something that would ever be likely to happen again. As the result of your writing in, we're going to place a limit on how many snipes can execute per user in a given minute.
I hope this answer is satisfactory and does not deter your trust in us. Please let us know if you have other questions.
bidslammer