Unless it lets you snipe, it's completely and utterly useless. As mentioned by others, there's really no advantage using this over just visiting eBay on the web via a browser.
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There is a login bug that makes it look like the new registration doesn't work but it does - just do your registration, shut the program down, and then logon again. Works great and, unlike Skype, can be used with PGP plugins.
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