I'm pretty sure there are people already using some type of scripting because if you watch the panels, there are some users that reset the time on the auction when they are already the top bid. Either that or they're stupid, which is also highly likely.
I find it amusing that the auction for the Elegant White Satin Coat is still going, considering the fact that it's not even worth half of what the bid price on it now is. Like stated before, there should probably be a cap, just a little above MP price maybe?
Personally, I find the above situation to probably be a misunderstanding on most people's parts. They probably think that they only need to pay for the tickets and if they win, they just get the item. Won't they be surprised when they realize they actually have to buy the item as well.
The concept of Bid Blast is wonderful. Its a great way to bring back old items that are still in high demand but are pretty much non-existant at this point. However, the problems with this system is already pretty obvious.
While its nice that these bids are immune to last minute snatchers... because you know, swooping is bad, but it also makes it pretty much impossible to buy, really.
There's always going to be that one guy...
(Should be noted that I did not read this entire thread and most of these points have most likely already been stated, but its always nice to let a person rant.)