Graps,
I understand how you feel. But if you look at the auction as a whole, I think you'd see that the money raised FAR exceeds the market value of the offerings.
I, among many others, have been participating since the first auction. My process is as follows: I determine a beginning budget (with my wife's input), I scout out the listings and determine which 3-5 I really want and make sure I've got the funds budgeted to win them. As the bidding progresses, I may be blown out of the water by others more motivated on that particular item and I reallocate those dollars to another one. I have also won items at lower bids that allow me to bid higher on others. I think a lot of other guys do the same. There are only a few folks with really high budgets and may God continue to bless them.
Have you noticed the number of listings for arrow shafts material this year? There are only going to be so many bids on those and those bids will be diluted. On the other hand, there is some incredible chili being offered that has some great bids already.
I've also had listings go below their value and some that have gone for MANY times their value. Stick around for awhile and enjoy the fun and generosity as well as the opportunity to help sick kids in the process.