Here is a good article about how it works. You know what they say. If it seems to good to be true, it usually is.

Here is a link that might be useful: About QuiBids

Too good to be true is the operative statement.
I personally would not touch it.
Read lots of really negative information about it.
Your friend Google can help you.

We thought about it, then I read the reviews. Never!

Thanks for the info. I did read some about it and their rules. The website I originally saw it on was the LA Times newspaper. Then I looked for other info. Didn't see any site that had reviews though, unless I just missed them.

Here's a site with hundreds of reviews for it. This is just one, you can click to view the others...

Pretty much all of those sites are the same, just different names.

Here is a link that might be useful: Reviews

Thanks to the article Kitz posted, its clear that even if QuiBids is not a "scam", it is like gambling in that it is only a good idea for the people running the casino. In the beginning there may well have been some people who ended up getting "Amaaazing" deals, those deals were loss-leaders to entice more people in with a goal of reaching the critical mass of bidders, where even if someone gets something for 30% of its usual retail price, the company will have garnered significantly more than its retail price in bid fees. (Also I'm sure that while they will always tout the "usual retail price" for an item, they will be buying a a much lower bulk, wholesale price.)

Furthermore I would expect that while you may get close to getting something at a great price, close means nothing. Either it is a scam and the company will have automated shill bidders win nearly all auctions, or outside bidders will have automated programs sniping all of the "good deals". (where good deal would be defined as anything better than 90% of what the item could be expected to sell for on e-bay or craigslist) Most likely both of the above are true.