Oh no, this thread is still not dead!
ebay does carry legal obligation in every sense of the word, check out the t&c's
When you click on "buy it now" or "win an auction" that is the same as walking through the checkout at a shop, the only difference being that the goods and money may be be physically exchanged at a later date - thats the practicality of online trading of course. The goods are still legally yours and the money owed is legally the sellers, it's a contract between you.
Would you hand your purchased goods back to another customer at a shop because they moaned it was the last one on the shelf and they saw it first, very unlikely. imagine this at say a supermarket. If you did it would be your choice but at the end of the day no ones going to think badly because you didn't, for whatever reason.
To Merkx - Well if the seller was happy to sell them at £70, which he obviously was then I also could have negotiated that price, doesn't really make any odds. The only thing was that Nish and I avoided a bidding battle which most like would have doubled the price and one of us would have ended up paying a lot more...
It's all fair and square at the end of the day, the seller did mess up, as did Nish. What should have happened was that the seller told Nish he missed the boat (by taking his eye off the ball) from the start and this whole sorry situation would have been dampened from the start.