I've won some penny auctions in the past but my problem with them is the sites run bots that essentially bid up the prices really aggressively and artificially inflate the prices as well as make everyone bidding spend more of their tokens. If you guys came up a way to make the bid process transparent on the blockchain this would be a killer application!
Same experience, this is actually the whole point of these bidbits I think. I'm not sure if penny auctions are in 'fad' right now though so it remains to be seen how popular this can be.