Bids increase in increments of 1 cent, so you'll often see international flights go for less than $100! Bidding ends when no further bids are received and a set countdown timer runs out. The catch is that you have to pay for bids at a starting price of $1 per bid but if you're clever with your auction strategy, even if you bid say, 500 times, that's only $500 plus the auction price (which might be less than $100). At a total of < $1000, that's still cheaper than the average return flight internationally!
Now I'm not affiliated with them in anyway and I haven't actually tried it (as I've already booked my holiday for 2013!) but I thought it was something others might really get into. Even the domestic flights have pretty good deals.
When you sign up you get 5 free bids but if you want a bonus two, click here!
Happy Bidding!
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