what do you think eBAY  

Also,
I think starting out too low sometimes makes bidders wary of the item. I think it makes the bidder question if the item is authentic and perhaps sometimes makes them think that it's not worth as much as they thought it was...why else would the auction start out so low? If it's a powerseller with good feedback, I have no problem bidding on such items, but newer seller or someone with less then 99% feedback, I'd be a little wary if the price was really low.

Starting off with a really
low opening bid has never bothered me.

Low opening bids are like catnip
First, the item's pounced upon by naive bottom-feeders, who actually THINK they might score the thing for ten or twenty bucks.
After several of these types have nibbled the price up--in puny single-digit increments-- the item then has multiple bids, and it seems all the more desirable to other bidders.
Irrational, but that's human nature. A crowd attracts a crowd.

Yup,
that's about it.
Once in awhile something of mine goes for less than I'd hoped, but I figure it's still worth the risk of starting really low with no reserve.