Ebay's feedback is a very useful tool, but how many times to do see something, bid for it, win it and don't bother to read the sellers feedback.
Only later when you haven't received the goods and the seller doesn't respond to your e mails, do you start to suspect something is amiss!
Feedback (when used wisely) is a great way of telling other potential buyers and sellers of your own personal experience.
My suggestion (before you buy) is to view the sellers feedback.
How many negative feedbacks do they have? (Sellers with high negative feedback scores general sell at very low prices to entice the 'novice' buyer)
Are they all saying similar things? (i.e. goods not received, goods late, no communication, item didn't work etc).
How many times have they left negative feedback in return? A good seller would imediately contact the buyer to resolve the issue and there should be only limited need for negative feedback to be left in return.
They say 'every picture tells a story' well Feedback is the same.
Protect yourself, if necessary pay a little extra from sellers with few negative feedbacks!