As a buyer - if it's 99 cents or $5, makes no difference to me.

I see it as a false gimmick and don't expect to win at that price.

And if anything, I think it may attract too many bidders, so I don't bother. 

If your items are usually 99 cents or $1.00, that's different.

As a seller, I list a price I think is fair and if I get one bid, it's happily sold.

If you are happy to sell some for 99 cents to get more traffic to your other items, that may work if you are selling to a target market that repeat buys or need multiples immediately.