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A good deal of the iPhone apps out so far have simply made the mobile or web app version of a website much simpler and easier to navigate while removing features at the same time. The Ebay application does exactly this, but in a good way. The app is made to easily allow you to browse, bid, and follow items that are currently for sale instead of allowing you the full Ebay feature set. If individuals could post items for sale on Ebay from their iPhones, things could get very messy unless having a picture was forced for all items. Even then, people could post incorrect images.
So while the Ebay app lacks in the selling department, it handles itself very well in the buying department. Even on EDGE, the items listed for sale show up very fast with the full description and user rating. This means that you can snipe that lamp you've been following for the last 3days while you're out at the bar with your friends. If you're not ready to buy, you can also set it to watch the item for you, but unless you want to pay for Ebay's text alert service, you'll have to keep opening the application to check.
You can't narrow down your search by category any further than just the term. Nor can you search the completed auctions to get an idea of the final sale price. This may pose a problem for some of the more hardcore Ebayers, but doesn't really effect those who are just looking for a good deal here and there.
Having the ability to easily pull up an iPhone app and check what the most current prices are on an item can save you a lot of cash. Pretty much everything you could want to buy is on or will be on Ebay. So whether you're the competitive Ebayer or just the casual one, this app is very useful.