Well yes, but the ending price is not a direct result of sniping, it's a result of someone willing to spend that much for the game, regardless of how they put that bid in.
Other people in this thread (not you) are blaming sniping for all of their eBay problems. As I said above, if anything, sniping is anti-seller as there are fewer bidding wars. It is not anti-other-bidder because they had ample opportunity to decide what their max bid was.
Also, unrelated: I emailed you back the other day re: pcefx.com, did you get it?