My biggest gripe with Ebay are all the sellers who list things as "rare" "hard to find" "old" etc etc etc, when they don't even know what they are talking about. It's the nature of the collectibles game though. Walk into any antique store in the world, and you will find stuff marked as rare or old that might have been in every Wal-Mart in the world only last year.
The plus side is that sometimes they don't know what they have, and you can find a "rare" or "scarce" item for next to nothing.
I guess its the old adage "Let the Buyer Beware" combined with "There's a Sucker Born Every Minute". If you are shelling out big bucks for stuff that you don't know anything about, then maybe its your own fault for getting suckered. I just think it stinks though when its something as blantely obvious as this.