The author does some interesting pattern analysis of how auctions actually work, and concludes (roughly) that you can't beat BidButler.
i'm pretty sure the last idea i proposed on part two would work fairly well. have the script watch bid activity and when it looks like there's only one other user using bidbutler, turn it on and let it spend money. as soon as a third user starts using bidbutler, turn it off to save money and let the other two fight it out. since both users probably won't use the same price ceiling, it should be pretty clear when one user drops out and the other keeps bidding with bidbutler. at that point, turn it back on and repeat until you're the last one using bidbutler.
In the link above provided by JimmyL, the author says that he wrote such a script (and gives a description of his experiment). Try to email him, I think he'll share it.
1. Write a script that will pull this info once a second
2. Analyze it - You're interested in predicting when a person will quit bidding so that you can join the auction in the latest possible moment and win the item with a minimal number of bids. You have time series of each user's bids (with a distinction of whether they were made manually or automatically) and a dollar value of the item price.
3. ...Profit!
Could this work?