I looked carefully at this, and have decided to steer clear of it, and here is my reasoning.
I'm sure the items are reliable, new etc..., and I was at first skeptical of a company that could sell a PS3 for £50. However, at incriments of 7p per bid, and at 50p per bid, they break even at about £42, thus making a profit even at such a low price, so thats fine with me.
The site works so that you have to pay to make bids, £10 for 20. Those would be used up so quickly, and you have to be so lucky to win an auction. There will be thousands of people on the site, and only 200-300 auctions going on at any one time. There is no strategy to it. On Ebay I have become very effective at sniping auctions, placing a bid in the last couple of seconds, but this site has combated this by putting the time to 15 seconds when ever a bid is made in the dying seconds. The chances of winning then are very very small, and I think your bids would dry up quickly. That said, someones got to win, and it could be you, but its more of a lottery than an auction. I may put in £10 to have a go, but if I don't win anything then I won't be using it again.
If you choose to use it, let us know how you get on.